{"id":42739,"date":"2017-02-03T16:44:29","date_gmt":"2017-02-03T09:44:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/vancouver-makes-about-face-on-taxing-foreign-home-buyers\/"},"modified":"2017-02-03T17:12:48","modified_gmt":"2017-02-03T10:12:48","slug":"vancouver-makes-about-face-on-taxing-foreign-home-buyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vancouver-makes-about-face-on-taxing-foreign-home-buyers\/","title":{"rendered":"Vancouver makes about-face on taxing foreign home buyers"},"content":{"rendered":"


\nAre there still any foreign buyers left though?
\nChinese New Year Parade 2017 in Chinatown, Vancouver. Zhenwang Wang\/Shutterstock
\nCanada will be walking back its curbs on foreigners purchasing Vancouver homes as demand for them continues to cool down.
\nRefunds are now in the offing for those that have been affected by the 15-percent tax on foreign home buyers in Metro Vancouver since August.\u00a0\u201cNow that the additional tax has effectively cut back the excessive demand we were seeing last year, we are in a position to make the adjustments necessary to help ensure we can keep attracting highly skilled workers,\u201d the\u00a0Ministry of Finance stated on Wednesday.
\nForeigners with work permits will also be exempted \u201cas soon as possible\u201d from the onerous rule, British Columbia Premier Christy Clark announced at the city\u2019s Lunar New Year parade on Sunday.
\nA need for more high-skilled foreign workers apparently justified the proposed amendments to the tax. \u201cWe want the best and brightest to be able to come to British Columbia,\u201d Clark said. \u201cWe\u2019re going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia, as a way to encourage them to come.\u201d
\nMore: Seattle is the new Vancouver for Chinese buyers
\nIndeed, New Democratic Party (NDP) housing critic David Eby attributed the change to pressure from academic groups and technology companies.\u00a0\u201cThe major tech firms, the major employers in the Lower Mainland like SFU and UBC, were all saying the same thing: \u2018This hurts our ability to recruit the skilled workers we need. We\u2019re already having a problem with high housing prices, and now this tax makes it even worse.’\u201d
\nFor some, the changes have come a little too late. Nic Benner, a business analyst from the US now living in British Columbia, lost CAD25,000 in downpayment on a Vancouver home after the August announcement, as he was unable to afford the extra levy.
\n\u201cUnfortunately, the province did not act in time to keep me from losing my property,\u201d Benner said.
\nForeign sales of Vancouver homes priced above CAD3 million (USD2.3 million) sank by a staggering 91 percent between July and November, according to recent data available from the British Columbia Ministry of Finance. This means that foreign buyers only snapped up eight luxury properties in the Canadian metropolis in November, compared with almost 100 in July.
\nThe decline in Vancouver home sales to foreigners could be chalked up to policies in both Canada and China. Outbound investment flows from China, the most dependable source of foreign buyers for the Canadian city, have been decelerating due to a series of crackdowns by Beijing on capital flight. Only USD41 billion in outbound capital flows left China in December.
\nRead next: Vancouver home sales fall \u2014 should the new tax on foreign buyers take credit?
\n
\nSource : property-report.com
\nRead more…Vancouver makes about-face on taxing foreign home buyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Are there still any foreign buyers left though? Chinese New Year Parade 2017 in Chinatown,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42739","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b7l","jetpack-related-posts":[{"id":80579,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vancouvers-hot-property-market-gets-tougher-for-wealthy-chinese-as-foreign-buyer-tax-is-raised-to-20pc\/","url_meta":{"origin":42739,"position":0},"title":"Vancouver\u2019s hot property market gets tougher for wealthy Chinese as foreign buyer tax is raised to 20pc","date":"February 21, 2018","format":false,"excerpt":"\r Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers. British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112777,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-residential-price-increase-in-singapore-unlike-other-cities-imf\/","url_meta":{"origin":42739,"position":1},"title":"Private residential price increase in Singapore unlike other cities: IMF","date":"November 30, 2019","format":false,"excerpt":"\r Private residential prices in Singapore appear to have \u201cdecoupled\u201d from the worldwide chase for property rental yields\u00a0since 2013, as wealthy foreign buyers continue to exert their influence on the city state, according to The Business Times citing a study by the International Monetary Fund (IMF). According to the IMF\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/11\/singapore-property-market-foreign-buyer-demand-chart-table.png?fit=1200%2C703&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":21797,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/british-columbia-slaps-property-tax-on-foreign-buyers\/","url_meta":{"origin":42739,"position":2},"title":"British Columbia slaps property tax on foreign buyers","date":"August 3, 2016","format":false,"excerpt":"\r Foreign nationals buying Vancouver real estate will pay an additional property transfer tax of 15 per cent as part of an effort to address high real estate prices and low vacancy rates.The tax which took effect yesterday will apply...\r \r Source : nzherald.co.nz\/Property\r Read more...British Columbia slaps property tax\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28501,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dont-blame-foreign-investors-the-roots-of-the-housing-crisis-lie-closer-to-home-david-madden\/","url_meta":{"origin":42739,"position":3},"title":"Don\u2019t blame foreign investors \u2013 the roots of the housing crisis lie closer to home | David Madden","date":"October 4, 2016","format":false,"excerpt":"\r Sadiq Khan\u2019s investigation into the London property market is a distraction. The housing bubble has been created by the actions of British politiciansIn a city where super-prime properties and tenant evictions are both on the rise, the housing system is broken and many residents are looking for someone to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26957,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-data-shows-provinces-15-per-cent-tax-on-foreign-buyers-is-effective\/","url_meta":{"origin":42739,"position":4},"title":"Home data shows province\u2019s 15 per cent tax on foreign buyers is effective","date":"September 23, 2016","format":false,"excerpt":"\r The percentage of Metro Vancouver home sales that involved foreign buyers plunged in August, following the provincial government levying a 15 per cent property transfer tax on transactions that involve foreign buyers in the region, according to data that the provincial government released. Home sales in the region that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27911,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-vancouver-found-the-solution-to-a-super-heated-housing-market\/","url_meta":{"origin":42739,"position":5},"title":"Has Vancouver found the solution to a super-heated housing market?","date":"September 30, 2016","format":false,"excerpt":"\r In a radical move, the Canadian city now charges an extra 15% to any foreigner buying property there. 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