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Response to Hugh_Lebowski (Reply #2)

Fri Oct 15, 2021, 03:08 PM

3. British Columbia addressed this

with Bill 28 when Vancouver real estate was out of control with foreign buyers. We have to do something. I get called all the time to see if I want to sell my house for cash and when I say no they ask if I have other houses I want to sell. I think I stopped the calls by expressing my opinion of what they are doing.

The Act has four parts:

Vacancy tax: Amendments to the Vancouver Charter to enable the City of Vancouver to impose a municipal vacancy tax on vacant residential property
Foreign-buyers tax: Amendments to the Property Transfer Tax Act, imposing an additional property transfer tax of 20% on all residential property purchased by foreign buyers
Amendments to the Real Estate Services Act discontinuing industry self-regulation of the real estate industry
Creating a new Housing Priority Initiatives special account to fund initiatives in respect to housing, rental, access, and support programs with the new tax revenues resulting from this law.[1]

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Replies to this discussion thread
Arrow 13 replies Author Time Post
Yo_Mama_Been_Loggin Oct 2021 OP
NurseJackie Oct 2021 #1
DENVERPOPS Oct 2021 #8
Hugh_Lebowski Oct 2021 #2
LineLineReply British Columbia addressed this
KT2000 Oct 2021 #3
alwaysinasnit Oct 2021 #5
DENVERPOPS Oct 2021 #11
KT2000 Oct 2021 #12
DENVERPOPS Oct 2021 #13
jimfields33 Oct 2021 #7
alwaysinasnit Oct 2021 #4
multigraincracker Oct 2021 #6
tulipsandroses Oct 2021 #9
Midnight Writer Oct 2021 #10
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