California family rushes through home purchase before B.C.’s foreign tax
VANCOUVER — The Pate family was terrified their offer on the Vancouver condominium would be accepted.
Just hours after riding rented bicycles to a bank and transferring enough U.S. dollars for the 50 per cent down payment, the Californians learned the British Columbia government had introduced a new tax aimed at them — foreign home buyers.
The 15 per cent property transfer tax, which would take effect in days, amounted to an extra $105,000 on the $700,000 price tag of the property they wanted.
“If they would have accepted our offer and we were bound to it, I don’t know what we would have done,” recalled Sarah Pate, whose family lives in Alamo, Calif.