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There’s a new tax in town and it very well may save local buyers money and a lot of the duress that comes with buying a home in Vancouver (and other cities/towns in B.C but realistically Vancouver is the one everyone is focused on.)  The bill aims to lower the amount of foreign ownership by increasing their property tax by 15%.  By taking this action the government seems to be making an effort to create a more affordable housing market for local ownership, which is amazing news for local buyers (especially first timers).  A more affordable housing market will mean lower mortgages and less debt.  Or at least prevent the amount of these loans from increasing to the point of being impossible to pay back.  For a while now the Vancouver housing market has been increasing steadily, showing no signs of stopping, and while that’s good news for anyone already owning, for anyone looking to buy, odds are they’re going to have to turn elsewhere.  The majority of the population cannot afford the ridiculous prices of the market and one of the things that’s been constantly driving it upward has been foreign ownership.  By increasing the amount of taxes charged to foreign owners the amount of foreign owners is likely to decrease and in turn slow the rise of the prices in the housing market (and potentially even cause them to decrease slightly.)  To anyone looking to get into the market this is an amazing opportunity as it slows the rush to get a home before prices increase even further.  If the market slows accordingly with this new tax it will give people more time to save money without having to worry that by the time they think they’ve saved enough for their initial down payment, housing prices will have increased yet again.  Ultimately this tax aims to increase local ownership and keep the market from increasing to the point where citizens can no longer afford to live there.  And it’s definitely a step in the right direction.

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