ANNOUNCED AS TEMPORARYNo
FDI: Entry and ownership rule
On July 26, 2016 the provincial government of British Columbia announced that beginning August 2, 2016, an additional property transfer tax rate of 15% will apply in Metro Vancouver to purchasers of residential real estate who are foreign nationals or foreign-controlled corporations. In explaining the reason for this tax, the province observed that, "While foreign investment in residential real estate markets is only one factor driving price increases in Metro Vancouver, it represents an additional source of pressure on a housing market struggling to build enough new homes to meet demand. The Province's additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs." The tax may fall most heavily on immigrants or investors from China and Hong Kong.
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