Foreign buyers face new 15% extra property tax in certain parts of Vancouver

A new tax for foreign property buyers is being introduced in British Columbia in Canada in an attempt to cool escalating house prices. The 15% foreign buyer tax will come into effect on 02 August 2016 at a time when prices in the province’s capital city Vancouver are escalating. Indeed, the latest global cities index from international real estate firm Knight Frank shows that prices in the city have increased by 17.3% in the mainstream market and by 26.3% in the prime market in the year to Mar...