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Cooling down Vancouver's red hot market

Thursday, August 25, 2016 @ 8:00 PM | By Megan Lem

Popular in B.C., the 15 per cent Foreign Buyers Tax might not fly elsewhere

The rather innocuous sounding, Bill 28, Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, came into effect in British Columbia on Aug. 2, ushering in a 15 per cent land transfer tax on foreign nationals purchasing residential real estate in Metropolitan Vancouver (the “Foreign Buyer Tax”).

The Foreign Buyer Tax (FBT) will cost a foreign buyer $300,000 on a typical $2 million Vancouver area home. Although the legislation does not explicitly target...