Foreign Buyers Tax Exemptions
Did you know there are certain cities in the lower mainland that are exempt from the new Foreign Buyers tax? The additional tax does not apply to properties located in Tsawwassen, First Nation lands or land outside of the Regional District. Mission, Abbotsford, Hope and Chilliwack will not be affected.
The tax does apply to properties in Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Areas.
Be an informed shopper, know all of the facts! If the Foreign Buyers Tax does apply to you and you are looking for a new home, consider buying in the exempt cities to save yourself some money. If the Foreign Buyers Tax was the reason you stopped looking for a home, this is your key to getting back into the market, home ownership is still a reality for you. Ask your realtor for information on this tax exemption.