CRD Notice of Motion - Additional Property Transfer Tax

Notice of Motion for CRD Board Meeting Wednesday April 12th 2017

Whereas in July 2016, the Government of British Columbia introduced a 15% Additional Property Transfer Tax to purchases of residential real-estate by foreign entities;

And whereas Greater Victoria, Metro Vancouver and Toronto have for sometime now been now the three most unaffordable real estate markets in the country;

And whereas the Government of Ontario is now considering implementing a similar tax for Toronto which would potentially increase the pressure on Greater Victoria’s market;

Therefore be it resolved 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.

• See attached data for Metro Vancouver and individual municipalities for June and July 2016. The proposed 10% for two months in a row threshold is on the low end of the spectrum when compared to the Metro Vancouver Region as a whole for the months of June and July.

Director Helps Director Howe