Last Date Modified Wednesday, December 12, 2018

The provincial government announced that they will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016.

Real Estate of Board of Greater Vancouver President Dan Morrison issued the following statement on today’s announcement:

“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market.

“Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.

“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax.”

The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in the Board’s area, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $39 billion in 2015.The Real Estate Board of Greater Vancouver is an association representing more than 12,800 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.   

Contact 

Craig Munn, Manager, Communication
Real Estate Board of Greater Vancouver
Phone: 604.730.3146
Email: cmunn@rebgv.org