The government of British Columbia has exempted the foreign skilled workers coming to the BC from paying the 15% foreign buyer tax on real estate in Metro Vancouver. This exemption will benefit a huge number of skilled workers coming to the province of British Columbia through its Provincial Nominee Program, i.e. British Columbia Provincial Nominee Program (BCPNP).
Real Estate Tax Exempted for Overseas Skilled Workers
This exemption will benefit the skilled workers who buy the primary residence in Metro Vancouver. The BC is also modifying rules in order to provide rebate to the overseas buyers on the tax levied once they become Canadian citizens or the permanent residents within a year of purchasing the main residence.
However, there is a condition also applied to this exemption, i.e. to become eligible for the rebate, the purchaser require living in the same house continuously for at least one year.
Property Transfer Tax Imposed on In July last year
The property transfer tax of 15% implemented by the government of British Columbia in July last year. This tax was introduced after revealing the data of overseas buyers, which indicated the 10% property purchase by foreigners in Metro Vancouver in the summer of 2014.
After the introduction of the new tax, the real estate sales declined drastically in Metro Vancouver. Post July last year, the prices of the detached homes decreased drastically, which was increasing rapidly before the implementation of new tax. Though, the demand and prices for condos continued to increasing. The government also offered interest free lone to the first time buyers in December, 2016.
The Provincial Government is in the process to strike balance
The British Columbia government is in the process to strike the right balance in the real estate industry. The steps like property transfer tax helped the real estate to meet up the increasing demand. The lone offered was a step for the people to enhance their affordability.
Now with the announcement of exemption in the tax will help government magnetize more and more highly skilled and talented foreign skilled workers in the province of British Columbia.
Apply in BCPNP to move to British Columbia
It’s the best time to plan immigration to British Columbia in Canada in view of the favorable policies from the provincial government. If you are overseas skilled worker, planning to move to province of British Columbia, you can apply in the popular British Columbia Provincial Nominee Program (BCPNP).
Every year, a vast number of skilled workers apply in the BCPNP and obtain the permanent residency as well after getting the nomination certificate from BC. If you are one of the aspirants, get in touch with a trusted Canadian immigration consultant to confirm the BCPNP details and apply in the same to secure the permanent residency in this incredible Canadian province.
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