New Metro Vancouver foreign buyers tax coming into effect August 2
eMemo #3843 - July 29, 2016
Yesterday, the BC Government passed Bill 28 – Miscellaneous Statutes (Housing Priorities Initiatives) Amendment Act, which included the new 15 per cent tax on Metro Vancouver residential property purchases by foreign nationals. The bill was passed unanimously without any proposed amendments brought forward by the Official Opposition and despite concerns expressed by many groups including our Board, the Real Estate Board of Greater Vancouver and BCREA.
That means residential real estate transactions involving foreign national buyers in the Fraser Valley Board communities of North Delta, Langley City, Langley Township, Surrey and White Rock will be subject to the additional 15 per cent Property Transfer Tax as of August 2. Residential real estate transactions, including pre-sales, which complete on August 2 or after will be subject to the tax.
If you have real estate transactions or clients that will be impacted by the new tax, we urge you to write to your local MLA to share your story.
Here is the contact information for the local MLAs:
| Marc Dalton | MLA, Maple Ridge-Mission | marc.dalton.mla@leg.bc.ca |
| Simon Gibson | MLA, Abbotsford-Mission | simon.gibson.mla@leg.bc.ca |
| The Honourable Mike de Jong | Minister of Finance, House Leader & MLA, Abbotsford-West | mike.dejong.mla@leg.bc.ca |
| Darryl Plecas | MLA, Abbotsford-South | darryl.plecas.mla@leg.bc.ca |
| The Honourable Rich Coleman | Deputy Premier, Minister Responsible for Housing | rich.coleman.mla@leg.bc.ca |
| The Honourable Mary Polak | Minister of Environment & MLA, Langley | mary.polak.mla@leg.bc.ca |
| Scott Hamilton | MLA, Delta North | scott.hamilton.mla@leg.bc.ca |
| Harry Bains | MLA, Surrey-Newton | harry.bains.mla@leg.bc.ca |
| The Honourable Stephanie Cadieux | Minister of Children and Family Development & MLA, Surrey-Cloverdale | stephanie.cadieux.mla@leg.bc.ca |
| The Honourable Peter Fassbender | Minister of Community, Sport, Cultural Development, Minister Responsible for TransLink & MLA, Surrey-Fleetwood | peter.fassbender.mla@leg.bc.ca |
| Gordon Hogg | MLA, Surrey-White Rock | gordon.hogg.mla@leg.bc.ca |
| Sue Hammell | MLA, Surrey-Green Timbers | sue.hammell.mla@leg.bc.ca |
| Marvin Hunt | MLA, Surrey-Panorama Ridge | marvin.hunt.mla@leg.bc.ca |
| Bruce Ralston | MLA, Surrey-Whalley | bruce.ralston.mla@leg.bc.ca |
| The Honourable Amrik Virk | Minister of Technology, Innovation and Citizens' Services & MLA, Surrey-Tynehead | amrik.virk.mla@leg.bc.ca |
I am disappointed that despite the concerns shared by many, the provincial government has decided to implement a tax in a way that will negatively affect our local communities' ability to attract workers, and will generate more stress and confusion in an already busy housing market and result in unexpected domino effects.
We may not agree with all the decisions governments make but when they make a move like this one, we need to let them know how we feel.
Charles Wiebe
FVREB President