Foreign Real Estate Buyers in Vancouver Facing New Tax

vancouver

 

It’s no secret that many wealthy individuals own multiple homes, including vacation homes in foreign countries. In an effort to capitalize on this popular trend amongst the wealthy, many countries and/or cities have created new taxes aimed specifically at wealthy real estate buyers from foreign countries. Among the latest locations to enact a new tax on wealth property buyers is Vancouver, BC in Canada.

According to recent reports, the housing market has seen a huge shopping spree lately in the area as many wealthy foreign buyers, especially from China, have been snatching up homes at a fast pace. In fact, foreign buyers spent more than a billion dollars on homes and property in British Columbia between June 10 and July 14 of this year alone. With the increasing demand for property in BC, housing prices have soared almost 30 percent in the last year, which has left many local buyers unable to compete for these homes.

Therefore, in an effort to keep things fair, the British Columbian government has issued a new 15 percent tax, which will apply, to all “foreign nationals or foreign-controlled corporations” purchasing property in the metropolitan Vancouver area. BC is not the first place to issue such a tax. Australia and Singapore both recently raised the tax on foreign real estate buyers as well. The BC government said that anyone who attempts to avoid the new tax could face fines in the six figures and up to two years behind bars.

http://www.cnbc.com/2016/07/26/wealthy-overseas-buyers-to-face-new-real-estate-tax-in-vancouver.html

Posted in
Sports, Business, and Beyond: A Moment with Alexis Levi

Sports, Business, and Beyond: A Moment with Alexis Levi

Today, American Dreams host, Alan Olsen, sits down with Alexis Levi, a true pioneer in the sports and entertainment industry. As the first African American woman to become the owner and general manager of a men’s professional basketball team, Alexis shares her remarkable journey from being a competitive ice skater to entering the sports world.…

Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Impact Venture Capital & GROCO’s “Venture Vision” Seminar 2 of 6 (To register FREE, click here.) This free online instructional seminar on January 11, 2023, at 10 AM is an excellent opportunity to learn more about the risks and rewards associated with venture capital (VC) investments. By covering topics such as the stages of funding,…

Mastering Comprehensive Financial Planning with Bill Gombert

Mastering Comprehensive Financial Planning with Bill Gombert

Introduction: In this interview, Alan Olsen, CPA and featured guest Bill Gombert discuss comprehensive financial planning and much more. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Bill Gombert. Bill, welcome to today’s show. Bill Gombert Thank you very much pleasure to be here. Alan Olsen So, Bill, you’re…

Building Conscious Communities with Brett Kaufman

Building Amazing Conscious Communities with Brett Kaufman

Introduction: In this interview, Alan Olsen, CPA and featured guest Brett Kaufman discuss Building Conscious Communities and much more. This Transcript of Alan and Brett’s discussion of conscious community building has been generated by software and may have inaccuracies: Alan Olsen So Brett in our segments here in American Dreams, we talked about pathways of life and things…