The Government of British Columbia is making some changes to the tax on foreign homebuyers in Metro Vancouver.
Workers coming to the province through the B.C. Provincial Nominee Program will now be exempt from the 15% tax.
“Our growing tech sector depends on the Provincial Nominee Program, and that’s why we’re removing barriers, so they can get to work, create jobs, and help build B.C.,” Premier Christy Clark said on Friday.
The exemption is now available to B.C. provincial nominees who purchase a principal residence in Metro Vancouver. Existing B.C. provincial nominees who purchased a principal residence on or after Aug. 2, 2016 can apply for a retroactive exemption.
The province is also extending rebates of the property tax to foreign nationals who become permanent residents or Canadian citizens within one year of purchasing a principal residence.
To be eligible, they must live in the property as their principal residence for one year. They can apply for a refund starting on Aug. 2, 2017—one year after the tax took effect.
The B.C. government implemented the tax last year in an effort to cool down the city’s hot housing market.