VANCOUVER—Foreign nationals who buy real estate in Metro Vancouver would pay an additional property transfer tax of 15 per cent under legislation introduced Monday by the British Columbia government. The additional tax will take effect Aug. 2 and apply to foreign buyers registering the purchase of residential homes in Metro Vancouver, excluding treaty lands in the Tsawwassen First Nation. “For example, the additional tax on the purchase of a home selling for $2 million to a foreign national will amount to an additional $300,000,” de Jong told members of the legislature. Finance Minister Mike de Jong unveiled the tax as part of legislation aimed at addressing low vacancy rates and high real estate prices in southern B.C. residents currently pay a one per cent tax on the first $200,000 of their purchase, two per cent on the remaining value up to $2 million and three per cent on the portion above that.

Source: thestar July 25, 2016 18:11 UTC