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.”