Follow Jim on:       
Jim Noso for Greater Vancouver Real Estate. 604.805.7525
www.JimNoso.com   |   Jim@JimNoso.com   |   Home

Foreign nationals working through the BC Provincial Nominee Program now exempt from the addition 15 per cent PTT

March 21, 2017 – REBGV Government Relations
BC gov logo

Foreign nationals with Canadian work permits coming to BC through the BC Provincial Nominee Program can now be exempt from the 15 per cent additional Property Transfer Tax (PTT) (known as the foreign buyer tax) when they buy a home. The exemption began March 17, 2017.

The foreign buyer tax took effect August 2, 2016. It originally applied to all foreign buyers, defined as foreign nationals and foreign corporations who are neither Canadian citizens nor permanent residents, buying residential property in Metro Vancouver, excluding treaty lands in the Tsawwassen First Nation.

Existing BC provincial nominees who bought a principal residence on or after Aug. 2, 2016, can apply for a refund. Application forms are available on the government’s website.

The Province is also extending rebates of the additional PTT to foreign nationals who became permanent residents or Canadian citizens within one year of purchasing a principal residence.

Foreign nationals working in BC who are not BC Provincial Nominees, such as those in the Canadian Federal Skilled Worker Program, are not entitled to the upfront exemption.

“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” said Premier Clark. “Our growing tech sector depends on the Provincial Nominee Program, and that’s why we’re removing barriers, so they can get to work, create jobs, and help build B.C.”

All buyers of residential property in BC pay the PTT at a rate of a one per cent tax on the first $200,000 of their purchase, two per cent on the remaining value up to $2 million, and three per cent on the portion above that. The foreign buyers tax is a 15 per cent tax in addition on the whole value of the property.

Links
Foreign buyer exemption coming for those with work permits

Greater Vancouver Real Estate Board has say on City of Vancouver review of pre-1940s character homes

Heritage house-Cityof Vancouver
Photo: City of Vancouver

As part of updating its Heritage Action Plan, the City of Vancouver reviewed pre-1940s character homes with recognizable character features in single family neighbourhoods that are not on the heritage register.

The Real Estate Board actively participated in the consultation process.

  • the City gave the Board 10 stakeholder seats for REALTORS® to make their views known; and
  • the Board was represented on the Heritage Action Plan Advisory Committee.

Every year in Vancouver, 1,000 homes are demolished, and of these, two-thirds were built before 1940.

After widespread consultation, city staff found there is strong support:

  • to retain character homes;
  • for incentives to provide more  gentle density  in these same neighbourhoods, according to Vancouver’s chief planner, Gil Kelley.

The city’s goal for the character home review was to look at ways to:

  • incentivize retaining character homes;
  • improve the compatibility of new homes in older neighbourhoods; and
  • streamline zoning regulations for new homes and character home retention.

Proposed incentives to retain character homes, include:

  • increasing floor area;
  • converting into multi-unit residences; and
  • adding infill housing.

The city also looked at penalizing home owners who demolished pre-1940s homes by downzoning the property to reduce the allowable size of new homes in certain areas. This is now off the table because of widespread concerns raised by home owners and stakeholders.

A full staff report with recommendations is expected April.

YVR has been voted best Airport in North America again!

It’s no surprise the YVR Vancouver International Airport is known as being one of the best airports in the world.  In fact, YVR has been named ‘Best Airport in North America’ in a vote by 13.8 million airline passengers worldwide.

Officially, Vancouver is ranked #13 in the world but easily tops the list of North American airports.

YVR has made the remarkable distinction of receiving this top accolade for 8 consecutive years!

Read more here >>