Property Transfer Tax Surcharge Set to 15% for Foreign Buyers for Completions after Aug 1

Blog by Arnold Shuchat | July 25th, 2016

The BC government just announced a huge surcharge on Property Transfer Tax equal to 15% on top of the current taxes from property purchases completing after August 1, 201 for non-Canadian buyers.  It apparently does not matter when the contract was written!  This will amount to hundreds of thousands of dollars of additonal taxes for $2,000,000 properties and will have to negatively affect the market for both new homes and land purchases with existing homes. In addition, the Vancouver Charter will also be amended to proovide for the power of the city to levy a vacancy tax if it so decides.

Additonal details to follow later.