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BC Lifts Foreign Buyers Tax with Work Permit

General Angela Calla 31 Jan

B.C.’s premier has announced the province is lifting the 15 percent foreign buyers tax for anyone living in Metro Vancouver with a work permit.

The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax.

“People who are seeking refuge around the world should be able to find safe haven here in our province. We believe the best and the brightest should be able to come to B.C.,” Clark said during a media scrum at the Chinese New Year parade in Vancouver Sunday.

It appears the move is in response to Donald Trump’s executive order banning travel and immigration into the U.S. for people with passports in seven Middle East and North African countries.

“When we see what’s happening down in the United States, I think it’s important to send a message to people who may be wanting to come from America that they are welcome if they’re going to work here and pay taxes here, to buy a home here and make their life here, without buying that extra tax,” Clark told Global News.

The foreign buyers tax was implemented in July 2016 with an enormous amount of support from B.C. residents.

It has since contributed to falling residential real estate sales and a drop in prices, the first time in several years Metro Vancouver has since a reprieve from a skyrocketing market.

As of 2015, there were almost 15,000 work permit holders through the Temporary Foreign Workers program and another 48,000 through the International Mobility Program in B.C.

UBC economist Tom Davidoff previously told Global News that work permit holders should be exempt from the tax because they contribute to the Canadian economy.

http://globalnews.ca/news/3212631/bc-to-lift-foreign-buyers-tax-for-people-with-work-permits/

Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers. 

Questions on the best mortgage for you? Contact The Angela Calla Mortgage Team to help you personally 604-802-3983 callateam@dominionlending.ca