Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
The battle is about to begin.
Local real estate experts are submitting their testimonies for both sides of what promises to be a hugely significant lawsuit, not just for British Columbia, but for other provinces.
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A foreign buyer is claiming that the B.C. property transfer tax for foreign buyers is unlawful and discriminatory, and she’s setting in motion what could become a class action lawsuit, with potentially huge costs to the province if it were to lose.
The summary trial for the case runs the week of June 25, and again on July 16. A judge will determine whether the foreign-buyers tax is legal, in response to the lawsuit filed by Chinese citizen Jing Li against the province of B.C.