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Foreigner Property Tax Set to Cool Vancouver’s Decade-Long Tear

  • Residential home sales may drop as much as 20%: TD Economics
  • Loopholes remain that could allow foreign buyers to skirt tax
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British Columbia: Foreigner Tax to Support Housing

A new property tax on foreign buyers may finally cool Canada’s hottest market after home prices more than doubled in the last decade.

Buyers from abroad will pay an additional 15 percent transfer tax on purchases of residential homes in Vancouver starting Aug. 2, the province of British Columbia said Monday, joining governments from the U.K. to Singapore to Australia in taking steps to curb overseas demand and keep prices within the reach of locals.