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British Columbia has decided to impose a 15% property transfer tax on foreign buyers from August 2, 2016. Some people think that this is a measure aimed at Chinese buyers, and it is also the Chinese who are most affected by this “xenophobic tax”.
Ulrich came to Canada to study three years ago. This spring, after earning a master’s degree in business administration from the University of Saskatchewan, she moved to Vancouver and started working for a non-profit organization.
In mid-July, with financial support from her parents, the 29-year-old bought a townhouse in Langley, about 25 kilometers from downtown Vancouver, for 560000 Canadian dollars (2.8 million yuan). Just 12 days after signing the contract, before she could complete all the formalities for the transfer of ownership, she was suddenly told that the price of the house she had bought had “gone up”. British Columbia has decided to impose a 15 per cent transfer tax on foreign buyers from August 2, 2016, according to a new housing bill in Vancouver-Ms Ulrich is not yet a permanent resident of Canada. this means that she will have to pay another C $84000 in a lump sum; if she cancels the deal, she will lose the C $56000 deposit she previously paid.
“I’m in a dilemma.” In an interview with the Canadian Broadcasting Corporation, Ulrich was helpless and helpless.
For a long time, Canada has attracted many “overseas buyers” like Ulrich with its loose immigration policy, low loan interest rates and a safe and stable investment environment, and the subsequent influx of money is also considered to be an important reason for the continued surge in house prices in Vancouver, Toronto and other places.
Vancouver’s house prices rose 36.4% from June 2015 to June 2016, the highest in the world, according to a report on the global house price index for the second quarter of this year released by international real estate consultancy Knight Frank.