Earlier today, the British Columbia government announced that the property transfer tax rate payable by foreign entities on purchases of residential property in the Greater Vancouver Regional District will increase to 15%. This increase in PTT payable will come into effect on Tuesday, August 2, 2016, and will be payable regardless of when the purchase agreement for the property was entered into. The additional tax applies on a foreign entity’s proportionate share of any applicable residential property transfer, even in certain circumstances when the transaction may normally be exempt from property transfer tax. For further details, please see:

• Bill 28 – 2016: Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016;
• BC Ministry of Finance Information Sheet 2016-006 – July 25, 2016; and
• Additional Property Transfer Tax Return.