Bravo festival condos review. The future trend of the real estate market in Canada has attracted much attention! The BC provincial government and the federal government of Canada have respectively announced a new policy on the real estate market, which has attracted wide attention.Please Visit: Bravo festival condos review to Get Your VVIP Registration Today!
On 30 November, the Finance Department of BC Province of Canada announced that, in order to combat money laundering in the province, real estate owners in BC Province must register, provide information about owners of their interests and register information on all holders from November 30, 2020.
The details are as follows: from November 30, 2020, all those who have purchased real estate or own land in BC province by the company, trustees or partners are required to disclose the owner of the property. As of November 30, 2021, all legal persons, companies, trustees or partners (who have interests in land) will be required to disclose their interest owners. The Government will conduct regular inspections to examine the effectiveness of the new regulations.
Selina Robinson, Finance Director of BC, said: “the new regulation will be the first in the world and all holders’ information will need to be registered in the Registry after any property or land transaction is completed. The aim is to combat money laundering in the property market in the province and to increase the transparency of land ownership by the Inland Revenue Bureau and legal departments. This pioneering registry will help restore transparency in the housing market throughout the province of BC.
The policy introduced by BC province is the first in the world to require the disclosure of the registration of land ownership for all land types and applies to land owned by companies, partners and trustees (unless explicitly excluded by law). The real estate expert panel said in its report that the disclosure of beneficial ownership could be used to address the serious money laundering in BC province, which is “the only and most important measure” at this stage.
David Eby, attorney general of BC province, has said that before, many overseas buyers or lawbreakers used the proceeds of crime to find trusted people to buy and hold properties in BC province, but now this new rule is a good way to avoid the risk of money laundering. Maureen Maloney, an expert on combating money laundering in the real estate market, agrees with the new measures introduced by the provincial government, which she believes will restore investors and buyers’ confidence in the province’s real estate market and maintain a stable economic system.
According to two money laundering reports released by the BC provincial capital team led by David Eby in May 2019, about C $7.4 billion of dirty money was in circulation in BC province in 2018, of which about C $5 billion was laundered through real estate transactions, which led to a 5% increase in the average price of the province’s property market, while in downtown areas such as Greater Vancouver, where the property market was booming, the property market rose even higher.
On the afternoon of November 30, Canada’s autumn 2020 economic report was released, and one of the news attracted people’s attention: Canada plans to impose new taxes on foreign home buyers! Although the details of this policy have not yet been released, the policy, which sounds very radical, is a boost.
“most of the time, house prices are out of reach for Canadians, especially for those who want to buy their first home,” the report said. Speculative demand from foreign and non-resident investors has made house prices unaffordable for many Canadians. In order to make the Canadian housing market safer and affordable, the government is committed to ensuring that foreign non-resident owners who are simply hoarding Canadian property are required to pay their share of the money. ”
The report added that the federal government will take measures in the coming year to implement a “national, tax-based measure” for non-residents and non-Canadians who own houses in Canada but are not in use. To remove “these assets from the domestic housing supply”.
