Correspondence from CRD Re: Foreign Purchaser Property Transfer Tax
Letter from the CRD seeking input on a proposed motion regarding foreign purchaser property transfer tax.
April 24, 2017
File 0400-50
Ms. Sarah Jones Director of Corporate Administration Town of View Royal 45 View Royal Avenue Victoria, BC V9B 1A6
Dear Ms. Jones:
RE: Foreign Purchaser Property Transfer Tax
At the Capital Regional District (CRD) Board meeting of April 12, 2017, the Board considered the following Notice of Motion brought by two CRD Directors:
That the CRD Board Chair write to the Provincial Government requesting that should the percentage of foreign purchasers in the region be 10% or more for two consecutive months, that the Province immediately introduce a 15% Additional Property Transfer Tax to ensure a level playing field among the three least affordable regions in the country.
The full wording of the motion along with supporting documentation is enclosed for your reference.
The Board resolved to postpone further consideration of the motion until June 14 to allow the Board to seek input on the issue from other affected local governments in the region.
If View Royal Council wishes to provide any input to the CRD Board on the issue, please provide it to me in writing on or before Wednesday, June 7, 2017, so that it can be included in the Board's agenda material for its June 14 meeting.
Do not hesitate to contact me if you have any questions.
Yours sincerely,
Brent Reems Senior Manager Legislative & Corporate Services T 250.360.3128 F 250.360.3130 E breems@crd.bc.ca
Encl.
Document Images
(1)