B.C. sets new real estate tax on foreign buyers

Foreign nationals who buy real estate in Metro Vancouver would pay an additional property transfer tax of 15 per cent under legislation being brought in by the British Columbia government. Finance Minister Mike de Jong introduced the tax as part of legislation aimed at addressing low vacancy rates and high real estate prices in southern B.C. The government says the additional tax will take effect Aug. 2 and will apply to foreign buyers registering the purchase of residential homes in Metro Vancouver.