It seems as though most sunshine coast residents have definitive thoughts on who should be owning property. A recent survey has shown that 78% of British Columbia residents are in favour of implementing policies that restrict foreigners from buying real estate in the province. It is thought that foreign investment is a key factor in driving up property values.
About 3% of all residential real estate sales in British Columbia in 2018 were to foreign purchasers. The survey also showed that the most support for this type of legislation came from Vancouver Island residents who were 88% in favour of foreign real estate investment restrictions. The province has already enacted a foreign buyers’ tax that has worked to slow down foreigners from purchasing property in the province over the last four years in the Metro Vancouver area.
Many British Columbians are also in favour of implementing a speculation tax for foreign and domestic homeowners who pay few or no taxes in the province and those who are second property owners with properties not used as rentals. In addition, 76% give the nod to a new 0.2% tax on homes valued between $3 million and $4 million and a 0.4% tax rate on the portion of the value of a home that is over $4 million. Residents also want to see the property transfer tax hiked on homes worth more than $3 million.
There are many laws related to the buying and selling of real estate in British Columbia. A lawyer is in the best position to explain those laws to a client who is either buying or purchasing real estate in the province. An understanding of some of the most pertinent laws may make for a better real estate transaction.