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Vancouver’s hot housing market just got tougher for wealthy foreigners

B.C. launches hike to foreign buyers tax and new speculation tax to crack down on the housing ‘stock market’

Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers.

British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable for residents of Canada’s Pacific Coast province.

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Starting Wednesday, foreigners will pay the province a 20 per cent tax on top of the listing value, up from 15 per cent now, and a levy on property speculators will be introduced later this year, according to budget documents released Tuesday. The government will also crack down on the condo pre-sale market and beneficial ownership to ensure that property flippers, offshore trusts and hidden investors are paying taxes on gains.

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