New Taxes on Purchasing Property in Vancouver by Foreign Investors

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The city of Vancouver in British Columbia has decided to introduce a 15% tax on properties purchased by foreign nationals. Vancouver, which is one of the most favorite destinations for immigrants who want to settle in Canada, has been gripped by a boom in the real estate industry.
This new rise in demand of property has led to a rise in its prices and something which has made it difficult for middle class families to purchase properties in Vancouver.
One of the primary reasons for the rise in real estate price is the investments that are made by foreign buyers. Within a period of one week in July nearly 1 billion dollars have been invested by foreign investors, majority of which has been done in Vancouver.
The money generated from the latest tax rise will be used in boosting the rental market and build new homes. At present, for purchasing a property worth $200,000, a buyer has to pay 1% tax, which increases to 2% till a purchase of $2 million; the tax rate rises to 3% from there on.
Some of the experts and critics are of the view that Quebec Immigrant Investor Program (QIIP) which has been started by the government is one of the main reasons for the rise in the property market. Under the QIIP program which has been criticized by some of the immigration experts, a foreign investor can get permanent residency of Canada just by making an investment of $800,000.
The QIIP for immigration and settling down in Canada has been regarded as one of the most generous programs in the world. A record number of 5,000 foreign investors were given Canada PR in the year 2015 and it is projected that the number will increase in the year 2016.
There is no surprise that nearly 90% of these foreign investors are from Asia. In case you want to settle in Canada by obtaining permanent residency through investment than you can take the expert guidance from WWICS.
In case you are searching for a good immigration consultant who can help you in the process of applying for Canada visa, than WWICS is the right choice for you. Put your questions related to Canada visa process to the WWICS complaints cell.
WWICS has always worked for the benefit of its clients, who provide their feedbacks. You can see these feedbacks in the WWICS reviews section and learn about the working culture of WWICS.

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