Land transfer tax in BC

Thanks to a great mortgage specialist named Jake Abromowicz, we received the following update:

"Holy Cow! Starting August 2nd, "foreign buyers" will face a FIFTEEN PERCENT LAND TRANSFER TAX on real estate purchases in that province. Expect two things to happen:

1. We will have a sudden surge of potential buyers looking to park their money here.

2. We will have the same/similar thing in Ontario.

and then there will be the side-effect 

3. A lot of "foreign buyers" will become either Canadian nationals OR will find local buyers to buy for them.But holy smokes! 8 days to get this new resolution in? That's insanely fast. 

Remember the ice bucket challenge from last year? Imagine that on the Vancouver real-estate market right now. Dunk!"

Jake

Jake Abramowicz

tel: 416-910-4448

fax: 1-888-819-4816

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I've have been interviewed in such outlets as: Bloomberg TV, Money Sense, Globe and Mail, Toronto Star and CFRB 1010 Talk Radio.

FSCO Agent Id: M08003274 a mortgage edge agent, MBL 10680

Always a great source of info Jake!

Karen