Vancouver Sun: Metro developers worry foreign buyer tax could hit their international partners

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August 4, 2016 | Joanne Lee-Young

Quoted from the article:

Last week, NDP housing critic David Eby asked in the legislature about a “displacement of international capital into large rental buildings, potentially resulting in a spike in rent beyond the spikes we’ve already seen in Metro Vancouver.”

Finance Minister Mike de Jong replied that the new 15 per cent tax will be applied to all so-called Class 1 residential property, which includes some rental buildings, but not all. In addition, some buildings have split classifications and are only partially residential, in which case only the value of that area would be taxed. 

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