BC extends foreign buyer tax exemptions

More foreign buyers of homes in British Columbia will be able to claim exemption from the additional property transfer tax introduced last year.

The government said Friday that the exemption will apply for workers moving to the province under the BC Provincial Nominee Program who buy a home in Metro Vancouver as their principal residence.

“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” said Premier Christy Clark. “Our growing tech sector depends on the Provincial Nominee Program, and that’s why we’re removing barriers, so they can get to work, create jobs, and help build B.C.”

Those who have bought homes in Metro Vancouver since August 2, 2016 will be able to apply for the exemption retrospectively by completing a form available on the government’s website.

Foreign nationals who move to Canada and become permanent residents or Canadian nationals within one year of buying a principal home in Metro Vancouver and continue to live in it for at least a year, will also be exempt from the 15 per cent tax.

A retrospective refund will be available for these buyers from August 2, 2017 – one year following the introduction of the additional tax.

The government says that 6,000 nominees were nominated in the province in 2016 and the number will be the same for 2017.         

by Steve Randall - The REP   

Coquitlam News

Supply response emerges in Metro Vancouver’s active housing market
Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in...
More...
Just Sold: 303 511 Rochester Ave., Coquitlam, Coquitlam West
Huge 1 Bed & Den Home Excellent Central Location Priced at $498,800 Click here for more...  Looking...
More...
Just Listed: 20 1125 Kensal Place, Coquitlam, New Horizons
Excellent Central Location Large Fenced Yard 3 Bed, 3 Bath, 1447sqft Priced at $889,800 Click here for...
More...
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.