Foreign Buyers to Pay More for Purchasing Property in Vancouver

Foreign nationals who are planning to purchase a property in British Columbia should hurry up a little bit as the province government is in plans to increase the property tax by around 15%. The first change in this line will be seen in Vancouver.

The city of Vancouver has been gripped by boom in real estate something which will make it nearly impossible to own a home for the middle class. The blame for this exorbitant rise in price for real estate goes to foreign buyers only, as they have already spent billions of dollars in the market, and that too within a short span of time.

The new rise in tax will be used towards boosting the rental market and building new homes in the city. At present a buyer has to pay 1% tax on purchasing a property of up to $200,000 and 2% tax till the amount of 2 million dollars, thereafter the tax is 3%.

A stand alone home in Vancouver cost around $1.5 million in the month of May and just a month back the same house cost $1.1 million. Back in the year 2014, the average price of a standalone home was less than 1 million dollars.

Some critics are of the view that this rise in real estate prices in Toronto and Vancouver is partly because of the Quebec Immigration Investor Program (QIIP) that has been started by the government. In this program that has raised some controversy permanent residency is awarded to individuals with high net worth who are able to make an investment of eight hundred thousand dollars.

Recently, the QIIP has been considered as one of the most generous program in the world that awards immigration to a country, according to immigration experts. Under the QIIP, a total of 5,000 investors were given permanent residency of Canada in the year 2015, which is more than 2014 level.

It has been projected that the figure of 5,000 will be easily crossed in the year 2016, and not to be surprised, nearly 90% of these people are from Asia.

In case you too are willing to obtain permanent residency of Canada by way of investment, than you can contact WWICS for expert advice. You can consult WWICS complaints cell, in case you have any query related to Canada PR through investment. Thousands of clients have already been helped in immigrating to Canada, and their feedbacks can be seen in the WWICS reviews section.

 

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