British Columbia imposes citizenship disclosure for home buyers

  2/20/2016 |   SHARE
Posted in Real Estate News by Vanguard Realty | Back to Main Blog Page

British Columbia will require home buyers to disclose their citizenship to help the government monitor foreign ownership and address a housing boom that has made Vancouver one of the least affordable cities in the world.

Proposed changes to the property transfer tax will enable the government to collect information on property buyers, including their citizenship status and whether they hold the property as bare trustees. Bare trusts are typically used for real-estate assets and pass taxes and benefits directly to the beneficiary.

“We think it’s time to start collecting again,” Finance Minister Michael de Jong said in a briefing in Victoria. “At least we’ll be in a position to aggregate the information and provide data for the public discussion.”

The measures are meant to provide more transparency in the country’s hottest real-estate market. Prices in Vancouver are the highest in Canada, topping C$1.3 million ($940 million) for a detached home in January, a 28 percent rise over the prior year, according to that city’s real estate board, with sales up 32 percent in that period.

More transparency is not meant to slow investment from abroad, de Jong said. The province will continue to spend taxpayer money to promote the province as an investment destination.

British Columbia, Home Buyers, Real Estate, Real Estate Investments, Real Estate News, Vancouver