Foreign buyers of Vancouver property to pay extra tax

A weekly roundup of news and views on property development, sales, affordability and more

The B.C. government has announced a tax on foreign buyers of residential real estate in Metro Vancouver. The 15 per cent property transfer tax takes effect August 2. Experts told the Canadian Press that with an election on the horizon, the BC Liberals must perform a balancing act between creating affordable housing and causing a crash. (CBC)

Chinese media are warning investors of a Canadian housing crash. Major Chinese publications are raising concerns about Canada’s debt-to-income ratio, B.C. stagflation and whether the BC Liberals are distracting voters with “vacancy taxes” and “restrictions” to avoid explaining why provincial incomes are so low. (Better Dwelling)

Vancouver housing sales dropped four months running, but it’s still a sellers market, says the Conference Board of Canada. Sales fell in 15 of 28 markets nationally, including Toronto and Montreal, according to the report. (CTV)

Is a vacancy tax necessary? Would it even work? Former B.C. attorney general Geoff Plant says No and No. (The Globe and Mail)

Who is Kevin Sun and what are his plans for Canadian and Chinese real estate markets? A Chinese property tycoon linked to a massive banking scandal in China is at the centre of more than $500 million in B.C. property deals, according to a joint investigation by Postmedia and IPSA International. (The Province)