Only 6 months after introducing the controversial legislation, the BC government has decided to cast aside the 15% tax on real estate purchases for foreigners who are working and paying taxes here. With the Vancouver real estate market having experienced a dramatic decline in sales transactions since the tax was first implemented in August, Christy Clark claims the new exemption is being put in place to encourage more people to move to Vancouver. She made the announcement in response to questions about Donald Trump's travel ban, saying:
"We believe that people, the best and the brightest, should be able to come to British Columbia ... We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage more people to come."
No details were given regarding when this would occur or what specific requirements would need to be fulfilled to qualify. If you would like updates on the new changes or have any questions, shoot me an email at marie@marieoconnor.ca or fill in the contact form here.