BC Budget Increases and Expands Foreign Buyers Tax

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In its fiscal plan for 2018/2019 announced this afternoon, the British Columbia Government has announced a 30 point plan for a “Fairer Housing Market”. The plan includes the following steps:

  • Increasing the Property Transfer Tax payable by foreign buyers from 15% to 20% and will be expanded to the Fraser Valley / Kelowna /Victoria
  • Increasing the Property Transfer Tax on the value of homes over $3 million
  • Increasing the school tax rate on the value of homes over $3 million
  • Establishing a new beneficial ownership registry
  • Taking steps to stop tax evasion in pre-sale condo reassignments and working with the federal government to prevent tax evasion