Housing affordability measures introduced

Legislation has been introduced that’s intended to make home ownership more affordable in the greater Vancouver area.

Much of it was anticipated, but there was one surprise.

An additional property transfer tax rate of 15 per cent will applied to purchasers of residential real estate who are foreign nationals or foreign-controlled corporations.

The additional tax will take effect a week from tomorrow (Aug. 2) and will apply to foreign entities registering their
purchase of residential property in Metro Vancouver.

Premier Christy Clark says the money collected from that fund will be used to ensure there is affordable housing for residents of BC…..

The province says they don’t know yet how much money will be collected in that fund, nor exactly how it will be spent.