The Provincial Government announced a tax that applies to foreign buyers who purchase a property here in Greater Vancouver area. Basically, any foreigner who buys a home and has a completion date on or after August 2, 2016 is subject to pay a 15% tax.

WOW! I understand that the government is trying to cool down the crazy hot market in Greater Vancouver but the way this tax is being presented and implemented does not sit right with me. Why can't they grandfather the contracts that are already in place? Many people will be scrambling to close sales within the deadline and for others they might even forfeit which in turn will affect the purchase of that seller who probably had plans to buy. Not very happy with how this tax is being handled. Yes, I agree in doing something to control or cool the ever crazy Real Estate market here in Vancouver but this is not right.

PS. This might only have a small affect on the real estate market because wealthy foreigners will find a way around it - they always do, and the amount of equity and estate that the locals have is beyond any ones understanding.