3200 Dakota Common, Unit B #1014 Burlington, ON L7M 2A7
Apply Now

Michael Campbell on BC Property Transfer Tax for foreign buyers

Posted on February 7, 2018 by Jivan Sanghera

The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog.
Read the full article on the VERICO blog
 

What impact will the 15% foreign property tax have on the market?
Virtually nothing if the concern is affordability. There’s no evidence to suggest that foreign buyers are gobbling up entry level homes.
So the question is, will adding $600,000 in tax to the purchase of a $4 million home or putting an additional $1.5 million on a $10 million dollar home be enough to discourage foreign buyers and send capital elsewhere?
At this point we can only guess. But Toronto, Victoria – even Nanaimo could be beneficiaries if foreign investors turn their attention elsewhere.

Share This Story, Chose Your Platform!
Copyright 2024 Circle Mortgage • All Rights Reserved. Privacy Policy
text-align-justify
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram