Christy Clark to lift the 15% Foreign Buyer's Tax

Christy Clark announced Sunday that Foreign buyers that have work permits, that work and live in the province of BC will be exempt from the 15% buyer's tax that was only implemented in mid summer 2016.  A date for the exemption was not yet given.  


We should expect to see a positive reaction in the sales activity in the Greater Vancouver area as well as any surrounding areas that did see additional sales activity as a result of the trickle down in sales.  It certainly changed the numbers heading into fall and created a cool down that exceded Government's expectation.


2017 is gearing up to be another strong year in the Okanagan.  There is still a lot of pent up demand and inventory is still below a balanced market.




The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.