What Does BC’s New Foreign Tax Mean for Alberta Real Estate?

There has been some speculation that the new foreign tax policy implemented in the Vancouver area will be good for the Alberta real estate market.As a quick recap, the new rule says that any foreigner who buys residential property in the Vancouver area will have to pay an extra 15% tax as part of a B.C. government plan to slow the foreign speculation that many blame for making the region’s homes the most unaffordable in Canada.As a member of Leading Real Estate Companies of the World, CIR REALTY has close ties with fellow member Chinese brokerages who have contacted us to specifically talk about Chinese investors looking to move their money further west and are showing new interest in Alberta. Although conversations are still in an information gathering phase, their is optimism that this may end up coming to fruition.