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Vancouver Announces 15% Tax For Non-Resident Buyers

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http://www.knightfrankblog.com/global-briefing/news-headlines/vancouver-announces-15-tax-for-non-resident-buyers/

Now this seems like something.

In an attempt to cool escalating house prices, the British Colombia Government approved a new tax for foreign buyers yesterday. The 15% foreign buyer tax will come into effect on 2 August 2016.

Vancouver has led the rankings of our Prime Global Cities Index for four consecutive quarters.

Prices in Vancouver increased by 17.3% in the mainstream market and by 26.3% in the prime market in the year to March 2016 and policymakers have been looking at ways to cool price inflation in recent months.

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The Singaporean Government added a 15% tax on residential property for foreign buyers in 2013 and it did indeed have the desired effect of cooling the market. Click on the 10Y or Max and you can see what I mean:

http://www.tradingeconomics.com/singapore/housing-index

It makes me mad that the UK hasn't introduced anywhere near enough taxation on foreign buyers.

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The Singaporean Government added a 15% tax on residential property for foreign buyers in 2013 and it did indeed have the desired effect of cooling the market. Click on the 10Y or Max and you can see what I mean:

http://www.tradingeconomics.com/singapore/housing-index

It makes me mad that the UK hasn't introduced anywhere near enough taxation on foreign buyers.

Now why do you think the tax payer funded london 2nd home owning Mps haven't done this ?

Edited by TheCountOfNowhere

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Isn't stamp duty in the UK now 15% if bought via an (offshore) company? And if not bought through a company there is now CGT of 28% when they sell.

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