The Guardian: Vancouver slaps 15% tax on foreign house buyers in effort to cool market

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August 3, 2016 | Ashifa Kassam

Quoted from the article:

Still, those intent on ducking the tax will find a way around it, said David Eby, a New Democrat member of the provincial legislature. “We have a wild west real estate market where there is really very little auditing or policing of it, whether it’s around money laundering or tax avoidance or any of these issues, so this tax is going to be subject to all of those weaknesses.”

He worried the tax would make it more difficult for companies in the city to recruit and retain highly skilled workers, as it also applies to foreigners who are in the city on work permits and who pay taxes. “There’s a lot of bycatch – it catches a lot of people that it shouldn’t,” he said, citing researchers recruited by the city’s universities or specialised workers needed for the city’s tech industry as examples.

Read the full article: https://www.theguardian.com/world/2016/aug/02/vancouver-real-estate-foreign-house-buyers-tax