Foreigners who have work permits and are resident in BC will soon be exempt from the foreign owner’s tax that was implemented in August of 2016. There were no details on the exemption that Christy Clark announced during a Lunar New Year Parade in Chinatown, including when it might go into effect.
Finance Minister Asked to Investigate Foreign Buyer Tax Lift
Finance Minister Mike de Jong was asked by the BC Premier to examine ways to provide relief for those arriving in BC with work permits. Foreign real estate transactions in Metro Vancouver in November dropped by 90% compared to the 7 weeks prior to the tax being enforced.
Foreign Buyer Tax Lifted After Specific Sector Complaints
NDP critic David Eby suggested the Foreign Buyer Tax was lifted…