On Sunday, premier Christy Clark announced an amendment of the foreign homebuyer tax for Metro Vancouver.
“We’re going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia as a way to encourage more people to come.”
She made the announcement at the Lunar New Year celebrations.
Foreign nationals who have a work permit or have been paying taxes on B.C. will now be exempt from the fifteen per cent tax. The amendment is incentive for more foreign nationals to buy in metro Vancouver and comes in the wake of increased foreign opposition in the United States.
The fifteen per cent property buyer tax was originally introduced in August in efforts to cool the hot Vancouver real estate. The tax applied to homebuyers who weren’t permanent residents or Canadian citizens.