Vancouver Wields Foreigner Home Tax After $1 Billion Inflow
- Overseas investors to face additional 15% transfer levy
- Measure applies to residential property starting Aug. 2
Thompson: Foreign Buyers 'Tail Wags the Dog' in Vancouver
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Canada plans to tax overseas investors buying homes in Vancouver, one of North America’s hottest property markets, as it seeks to tamp down price gains in an area that absorbed more than C$1 billion ($760 million) of foreign money in five weeks alone.
An additional property-transfer tax of 15 percent will apply to foreign nationals and overseas corporations buying residential property in the Metro Vancouver area starting Aug. 2, the province of British Columbia said Monday in a statement. That means an extra C$300,000 levy on a C$2 million home, it said.