Real Estate

Foreign buyer property tax

I found some Victoria Realtors with tent set-up at the street fair near the Parliament Building in Victoria …(capital of British Columbia). Found great Realtor to work with and I have another great guy in Sidney. So working with 2 Realtors on the Island.  Yeah!

Found out that the tax foreigners pay to buy in Canada is much better on Vancouver Island than in Vancouver. On the Island it is 1 percent for the first 200k and then 2 percent for anything above that price. In Vancouver it is 15 percent. In Vancouver they were having problems with so many foreigners buying in Vancouver that the prices were sky rocketing and Canadians were getting priced out of the market. So that is why the high tax. 

The Victoria Realtors said they voted to keep the tax low. That is fantastic…I think the Island is an outstanding place to live.  With the CAD value to the US dollar and this low tax… great buying opportunity. 

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