Purchase Home: Buyers and Tax

purchase home: The government said the bill was meant to help quell the competition local buyers face when trying to purchase a home in the area, according to CTV. Recently released data showed that foreign buyers make up about 10 per cent of property sales in Metro Vancouver. The tax, which was passed in late July by the B.C. Liberals, forces foreign nationals to fork over an additional 15 per cent of the home value in property transfer taxes. The tax adds up. So some buyers moving to Canada are eyeing properties in the country largest city, where they can save a bit of cash while still living in a metropolitan area. With the average Vancouver-area residence costing $663,411 last month, buyers from outside Canada would face a transfer tax of $99,512. (www.immigrantscanada.com). As reported in the news.