Foreign Buyer Tax in Victoria? You may recall that late this summer the provincial government rolled out a 15% property transfer tax applicable on homes purchased by foreign buyers. The taxation area was limited to Metro Vancouver only, with the caveat that the government would have the ability to levy the tax on any other area in BC if they saw the need.
This week BC's Ministry of Finance released new foreign buyer data that revealed a month over month increase in foreign buyers into the Capital Regional District (CRD).
The increase in sales in October has brought new attention to the CRD and Minister of Finance Michael de Jong has said he is watching the upward trend closely.
New data also shows that foreign buyers are slowly increasing once again…