British Columbia Imposes 15 Percent Property Transfer Tax on Foreign Home Buyers, Reported by Reuters

New Property Transfer Tax Introduced in British Columbia

VANCOUVER – British Columbia has unveiled a new property transfer tax that will impose an additional 15 percent tax rate on foreign nationals and foreign-controlled corporations purchasing residential real estate in the Metro Vancouver area.

This initiative is part of a broader strategy to address affordability challenges in the city’s competitive housing market. The new law is set to take effect on August 2.

Currently, property transfer tax rates vary from 1 percent to 3 percent, depending on the home’s value.