No breaks from B.C.’s new tax for foreign property buyers with deals: minister
VICTORIA — There will be no reprieve from a new tax on foreign buyers who have signed contracts to purchase homes in Metro Vancouver, where they snapped up almost 10 per cent of recent property sales, B.C. Finance Minister Mike de Jong says.
The tax takes effect next Tuesday and long-term contracts, such as pre-sale agreements for condos under construction, and pending property purchases involving foreign buyers will pay the new 15-per-cent tax.
“If the transaction is registered Aug. 2 or afterwards, the tax applies,” de Jong said Tuesday.
The Liberal government introduced legislation Monday that includes an additional property transfer tax on Metro Vancouver residential properties that are purchased by foreign buyers.