What is Foreign-buyers tax?
The '''Foreign-buyers tax''' is a [[property transfer tax]] of 15% on [[residential property]] purchased by [[foreign]] buyers in [[British Columbia]]. A ''property transfer tax'' is paid only once for each property owner, while [[property taxes]] are paid every year. The tax involved amendments to the ''Property Transfer Tax Act'' imposing an additional ''property transfer tax'' of 15% of the [[assessed value]] on property purchased by those who are neither [[citizens]] nor [[residents]] of [[Canada]]. It is part of the [[omnibus legislation]] ''Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016''. It was introduced after calls urging the British Columbia provincial government to intervene in the [[housing market]] and curb foreign [[investment]] that was seen as a major contributor to the rapid rise in [[home]] prices.<ref>https://www.lexology.com/library/detail.aspx?g=4f2cf07f-5424-41b4-8560-b14d99bccfe7></ref><ref>{{cite web | url=https://vancouversun.com/opinion/columnists/douglas-todd-vancouvers-escalating-housing-crisis-erupted-in-2016 | title=Douglas Todd: Vancouver's housing crisis four decades in the making }}</ref> ==References== {{reflist}} [[Category:British Columbia]] [[Category:Taxation in Canada]] [[Category:Housing in Canada]] [[Category:Canadian legislation]]