Poll: B.C.’s 15% foreign tax: Good or bad?

Poll: B.C.’s 15% foreign tax: Good or bad?

Poll: B.C.’s 15% foreign tax: Good or bad? It’s the hottest – and most hotly debated – topic concerning Canadian real estate, and now it’s time for brokers to have their say

Click here to take our poll.

Many have been critical of the new tax, which took effect August 2, and requires all foreign buyers in Vancouver to front an additional 15% sales tax.

Others, however, have argued in favour of the tax, believing it’s an effective method to cool that red hot market.

And now we want to know what the broker industry at large feels about it.

Real estate agents recently took part in a similar poll on our sister publication, Real Estate Professional.

All told, more than 300 industry players took part.

The slight majority – 47% -- said it’s a good thing. The prevailing sentiment among those is that foreigners are inflating Vancouver’s real estate market, and that this barrier will likely help cool the market, and make it easier for citizens – many of whom have been priced out -- to get into the housing market.

However, 44% of respondents said it’s a bad thing.

But don’t let those results sway your opinion. Have your say today.

Arguments against the tax range from the view that it unfairly targets those without a Canadian address or citizenship who want to call Canada home.

Others argue the tax unfairly penalizes foreign buyers who purchased prior – and close after -- the implementation date; even if those homes were pre-bought years ago.
  • Omer Quenneville 2016-08-09 10:19:44 AM
    I think any transaction in progress should be exempt without question. That being said the average Canadian should not be squeezed out of housing because of foreign investment without a contribution to the cause by way of a tax. The question is what will this new "revenue tool" be use for? General coffers? That would be wrong, it should be used to get more Canadians into the market. If we don't help Canadians now, we will have to take care of them in their senior years and the foreign investors will be gone with their profit. That might be a little long term for some but it is important.
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  • Tomas 2016-08-09 1:24:09 PM

    Smart, rational comment about the social cost, well said.

    Anything scarce in this country should go to Canadians first.

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  • Girts Gubins 2016-08-09 1:30:16 PM
    There is no such thing as a good tax. And what is the government doing with the money giving it back to the citizens of BC, I doubt it.
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