Overseas buyers of Vancouver homes face additional tax
Toronto
CANADA plans to tax overseas investors buying homes in Vancouver, one of North America's hottest property markets, as it seeks to tamp down price gains in an area that absorbed more than C$1 billion (S$1 billion) of foreign money in five weeks alone.
An additional property-transfer tax of 15 per cent will apply to foreign nationals and overseas corporations buying residential property in the Metro Vancouver area starting from Aug 2, the province of British Columbia said on Monday. That means an extra C$300,000 levy on a C$2 million home, it said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
China Vanke posts another quarterly loss on sales drought
Miami office tower goes up for sale for more than US$500 million
WeWork cuts new restructuring deal that spurns Adam Neumann
Abu Dhabi builder plans US$6.8 billion luxury housing project
JTC to sell hospitality project being built in Punggol Digital District
Mapletree Logistics Trust posts 2.5% drop in Q4 DPU; manager warns of further headwinds