NDP prepares shock treatment for foreign homebuyers

April 24, 2017 12:15 pm

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If you think the BC Liberals got tough on foreign buyers last year, get ready for an even rougher ride for foreign nationals buying B.C. homes if the BC NDP win the May 9 provincial election.

The NDP, leading in the election polls as of press time, says it would add a new property tax and go after the sale of pre-sale contracts on new condominiums.

On August 2, the Liberals slapped a 15 per cent foreign-buyer tax on resale home purchases in Metro Vancouver, a move largely blamed for a subsequent collapse of detached-house sales, which immediately plunged as much as 70 per cent in higher-priced municipalities. Metro Vancouver detached sales remain 47 per cent below the pace of a year earlier.

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