This Week's News on the 15% Property Transfer Tax for Foreign Buyers - We've Got You Covered

Friday, August 5, 2016

What a blessing to live in a safe country! Vancouver's tourism is up substantially this year contributing an estimated $1billion + to our local economy. Aside from our low dollar, safety is part of the 2016 tourist decision - with justification. As if the devastating results of mass refugee migration, terrorist attacks and the Brexit vote were not enough, Europe will now have to contend with much lower tourism income. Staying safe has to be a prime objective at every level.

There has been lots of talk this week about the provincial government's additional 15% property transfer tax for foreign property buyers. The aspect given the least media attention & no government attention is what happens to the innocent local sellers who have a binding sale contract with an offshore buyer who refuses to pay the additional tax and causes the sellers to be unable to complete a purchase they have made in good faith. This hurts the very people this government has pledged to support - the little person & the working middle class. Please take time to write to your MLA and let her / him know that there will be hundreds of local people who will suffer both financially & emotionally as a result of this legislation not grandfathering existing contracts. The government managed to look after the big guys - the developers! Most of us support taxing those buyers simply "parking" their money - the devil lies in the details.

We are watching the market carefully as this unfolds in order to ensure that we always have you covered.

Have a great weekend - Sheila & Michelle

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