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The Foreign Buyer Tax in British Columbia (Canada) is a tax that is levied on foreign nationals or foreign-controlled corporations who purchase residential property in the province. The tax was introduced in 2016 to help address concerns about the impact of foreign investment on the housing market in Vancouver and other parts of the province. The main conditions surrounding the tax are:
WHO IS SUBJECT TO THE TAX: Non-Canadian citizens, non-permanent residents, and, foreign corporations who are not incorporated in Canada are subject to the tax when they purchase residential property in certain areas of British Columbia (BC).
TAX RATE: the tax rate is 20% of the fair market value of the residential property being purchased. For example, if a foreign buyer purchases a home for $1M, they would be required to pay $200,000 in foreign buyer tax. This would be in addition to the regular property transfer tax that a new home buyer is already required to pay. Click Here to calculate how much your total property transfer tax will be (including the foreign buyer tax).
GEOGRAPHIC SCOPE: the tax applies to properties located in certain areas of British Columbia, including the Metro Vancouver Regional District, the Capital Region District, the Fraser Valley Regional District, the Central Okanagan Regional District, and the Nanaimo Regional District.
TYPE OF PROPERTY: the tax applies to residential properties, including single-family homes, condos, townhouses, and duplexes. The tax does not apply to commercial properties, industrial properties, or vacant land.
EXEMPTIONS: the tax may be exempt in certain circumstances, such as if you are a confirmed BC Provincial Nominee, or if you are acquiring a property on behalf of a Canadian-controlled limited partnership.
It is important to note that the conditions surrounding the Foreign Buyer Tax in British Columbia may change over time. To learn more about the Foreign Buyer Tax and if it applies to you, call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
The latest news on the FOREIGN BUYER TAX in British Columbia
(May 1, 2023)
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
The Foreign Buyer Tax in British Columbia (Canada) is a tax that is levied on foreign nationals or foreign-controlled corporations who purchase residential property in the province. The tax was introduced in 2016 to help address concerns about the impact of foreign investment on the housing market in Vancouver and other parts of the province. The main conditions surrounding the tax are:
WHO IS SUBJECT TO THE TAX: Non-Canadian citizens, non-permanent residents, and, foreign corporations who are not incorporated in Canada are subject to the tax when they purchase residential property in certain areas of British Columbia (BC).
TAX RATE: the tax rate is 20% of the fair market value of the residential property being purchased. For example, if a foreign buyer purchases a home for $1M, they would be required to pay $200,000 in foreign buyer tax. This would be in addition to the regular property transfer tax that a new home buyer is already required to pay. Click Here to calculate how much your total property transfer tax will be (including the foreign buyer tax).
GEOGRAPHIC SCOPE: the tax applies to properties located in certain areas of British Columbia, including the Metro Vancouver Regional District, the Capital Region District, the Fraser Valley Regional District, the Central Okanagan Regional District, and the Nanaimo Regional District.
TYPE OF PROPERTY: the tax applies to residential properties, including single-family homes, condos, townhouses, and duplexes. The tax does not apply to commercial properties, industrial properties, or vacant land.
EXEMPTIONS: the tax may be exempt in certain circumstances, such as if you are a confirmed BC Provincial Nominee, or if you are acquiring a property on behalf of a Canadian-controlled limited partnership.
It is important to note that the conditions surrounding the Foreign Buyer Tax in British Columbia may change over time. To learn more about the Foreign Buyer Tax and if it applies to you, call or text Marko Gelo right now at 604-800-9593, or Click Here to schedule a free, no-obligation phone call with Marko.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
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