Lorraine Penfound

Christy Clark to lift the 15% Foreign Buyer's Tax

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Christy Clark announced Sunday that Foreign buyers that have work permits, that work and live in the province of BC will be exempt from the 15% buyer's tax that was only implemented in mid summer 2016.  A date for the exemption was not yet given.  

 

We should expect to see a positive reaction in the sales activity in the Greater Vancouver area as well as any surrounding areas that did see additional sales activity as a result of the trickle down in sales.  It certainly changed the numbers heading into fall and created a cool down that exceded Government's expectation.

 

2017 is gearing up to be another strong year in the Okanagan.  There is still a lot of pent up demand and inventory is still below a balanced market.

 

 

Lorraine

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