In recent real estate news, the Foreign Buyers Tax has been removed for those with work permits.

In August 2016, the government announced a Foreign Buyers tax that added an automatic 15 percent levy to foreigners purchasing residential property in Metro Vancouver. While the tax was brought in to help slow down out-of-control real estate prices, it also negatively affected those with work permits who were wanting to live and work in the region. There’s good news for this group though: the government recently removed the Foreign Buyers tax for people with valid work permits. This opens up opportunities for them to invest in real estate in our area meaning they can also have a place to call home.