Leftbank condos location. House prices in Vancouver are on the rise. Rising house prices have pushed the average net worth of households in Greater Vancouver, Canada, above 1 million Canadian dollars (US $779000), making it the first “millionaire city” in Canada, according to a new survey.Please Visit: Leftbank condos location to Get Your VVIP Registration Today!
The survey was conducted by Yiwei, a Canadian market research and analysis firm. The average net worth of Vancouver households rose 7.1 per cent to nearly C $1.04 million (US $810000) by the end of 2015, according to the survey.
Josh Gordon, an assistant professor at the school of public policy at Simon Fraser university in Canada, believes that this may have something to do with the 15% “exclusion tax” imposed by the government of British Columbia, where Vancouver is located, on foreign buyers.
In order to “cool” the overheated property market, the British Columbia provincial government announced on July 25 that it would impose a 15% property transfer tax on foreign buyers from August 2.
Under the new policy, with the exception of Canadian citizens and those with permanent residence in the country, all foreigners will be charged this fee when they buy homes. In addition, companies not registered in Canada or controlled by foreigners will receive the same “treatment” when buying homes.
According to the local government, the tax will be used to help local low-income residents, first-time buyers and renters.