Hafez Realty News

BC government passes foreign buyer tax; ignores calls to exempt accepted agreements

The BC legislature passed legislation last night that institutes the foreign buyer tax. Real Estate Board of Greater Vancouver President Dan Morrison issued the following statement on this development:

 

"Hundreds of British Columbians head into the BC Day long weekend facing stress and uncertainty concerning the largest financial transaction of their lives because of the provincial government's abrupt intervention into the Metro Vancouver housing market this week.

 

“The Premier’s decision not to exempt transactions where home sellers have an accepted contract in place, with a non-Canadian buyer, that will not close before August 2 is needlessly causing real harm to real people. Our members are scrambling to try and help people understand how their personal and financial situations have been impacted. 


"While it’s the government’s prerogative to implement taxes, people deserve to be treated fairly. They have a right to understand the cost they’re expected to pay when they enter into a legal agreement.” 

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
Hafez Panju
604-377-3689
Mobile Web App
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.