This follows after the foreign buyers tax was implemented in July 2016, which had a skyrocketing effect on the market due to the decrease in residential real-estate sales and prices.
This seems to be an effort to encourage and welcome those who seek refuge around the world to work, stay, and pay taxes in B.C. They believe that the ‘best and the brightest’ should be able to stay in B.C and this change in tax law aims to attract these individuals.
