Tax changes for real estate in British Columbia, Canada:
Increase in Property Transfer Tax (Stamp Duty)
The Property Transfer Tax paid when purchasing residential property was increased to 5% (from 3%) on the purchase price for the value above $3,000,000 effective February 21st, 2018 for all properties closing as of that date regardless of the date the contract was written.
The Foreign Buyer Tax has been increased to 20% as of February 21, 2018 and expanded to areas outside of the Greater Vancouver Regional District. Outside of Greater Vancouver which has no transitional rules, the timelines for transitional rules are in the link below. Essentially the increased Foreign Buyer’s Tax is effective on all transactions completing as of February 20, 2018 in Greater Vancouver and in the other...