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Timpo · 07-27-2016, 03:24 PM

Premier Clark rules out changes or presale exemptions to foreign buyer tax
ROB SHAW
Published on: July 27, 2016 | Last Updated: July 27, 2016 11:55 AM PDT

Premier rules out changes or exemptions to foreign buyer tax | Vancouver Sun

Premier Christy Clark (pictured at the foreign buyer tax announcement on Monday) has ruled out any changes to the proposed 15-per-cent surcharge. CHAD HIPOLITO / THE CANADIAN PRESS

VICTORIA — Premier Christy Clark has flatly ruled out changing her government’s foreign buyer tax to grandfather real estate deals and pre-sales that will close after the tax comes into effect.

“I appreciate this is going to create more work for developers, there’s no question about it,” she told reporters Wednesday. “But having said that, my job is to protect British Columbians to make sure we put British Columbians first. So we are not going to be exempting anyone, we are not exempting pre-sales, we are not amending the legislation to change pre-sales.”

Clark said her government is on “good legal ground” with the proposed law, which will levy a 15 per cent property transfer tax on Metro Vancouver real estate purchases by people who aren’t Canadian citizens or permanent residents starting Aug. 2.

People have a week to close their deals and take title before the tax applies, said Clark.

She rejected calls that government extend the tax timeline or grandfather in in-progress deals, amid complaints from the development industry the tax could cause chaos in the market.

“Doing anything different might have created a huge run on the property market,” Clark said.

Clark expressed little sympathy for foreign buyers who purchased pre-sales years ago but who will still be hit with the tax because their deals close and they receive title after Aug. 2.

“If somebody bought their home on pre-sale a year ago, they’ve probably seen a 15 per cent increase in the value of that home already in one year — that’s how silly this market has been,” she said. “This move is to try and make sure we end any distortions in the market, that we protect it and we put British Columbians first when it comes to buying homes.”

The government housing bill is currently up for debate at the legislature. It also enables the City of Vancouver to impose a vacancy tax, and ends self-regulation of the real estate industry.

07-27-2016, 03:24 PM	#7282
Timpo I WANT MY 10 YEARS BACK FROM RS.net! Join Date: Mar 2002 Location: ... Posts: 20,300 Thanked 4,525 Times in 1,357 Posts Failed 4,505 Times in 971 Posts	Premier Clark rules out changes or presale exemptions to foreign buyer tax ROB SHAW Published on: July 27, 2016 \| Last Updated: July 27, 2016 11:55 AM PDT Premier rules out changes or exemptions to foreign buyer tax \| Vancouver Sun Premier Christy Clark (pictured at the foreign buyer tax announcement on Monday) has ruled out any changes to the proposed 15-per-cent surcharge. CHAD HIPOLITO / THE CANADIAN PRESS VICTORIA — Premier Christy Clark has flatly ruled out changing her government’s foreign buyer tax to grandfather real estate deals and pre-sales that will close after the tax comes into effect. “I appreciate this is going to create more work for developers, there’s no question about it,” she told reporters Wednesday. “But having said that, my job is to protect British Columbians to make sure we put British Columbians first. So we are not going to be exempting anyone, we are not exempting pre-sales, we are not amending the legislation to change pre-sales.” Clark said her government is on “good legal ground” with the proposed law, which will levy a 15 per cent property transfer tax on Metro Vancouver real estate purchases by people who aren’t Canadian citizens or permanent residents starting Aug. 2. People have a week to close their deals and take title before the tax applies, said Clark. She rejected calls that government extend the tax timeline or grandfather in in-progress deals, amid complaints from the development industry the tax could cause chaos in the market. “Doing anything different might have created a huge run on the property market,” Clark said. Clark expressed little sympathy for foreign buyers who purchased pre-sales years ago but who will still be hit with the tax because their deals close and they receive title after Aug. 2. “If somebody bought their home on pre-sale a year ago, they’ve probably seen a 15 per cent increase in the value of that home already in one year — that’s how silly this market has been,” she said. “This move is to try and make sure we end any distortions in the market, that we protect it and we put British Columbians first when it comes to buying homes.” The government housing bill is currently up for debate at the legislature. It also enables the City of Vancouver to impose a vacancy tax, and ends self-regulation of the real estate industry.