Foreign workers entering the country through a so-called Provincial Nominee Program won’t have to pay the real-estate tax, in a bid to ensure the Canadian province attracts skilled workers and entrepreneurs.
British Columbia will exempt some immigrants from a 15 percent homebuyers tax in a bid to ensure the Canadian province attracts skilled workers and entrepreneurs.
Foreign workers entering the country through a so-called Provincial Nominee Program won’t have to pay the real-estate tax. The break will apply only to residents in the Vancouver area.
“Our growing tech sector depends” on the program, Premier Christy Clark said in a statement Friday. “That’s why we’re removing barriers, so they can get to work, create jobs, and help build B.C.”
Vancouver has sought to remodel itself from a 19th-century mining and lumber town into a high-tech mecca for animation design, startups and financial services. When the province imposed a foreign buyers tax last August to cool the scorching housing market, industry executives had warned it would make it harder for Vancouver to attract foreign talent.
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British Columbia estimates about 30,000 job openings by 2025 will be filled by immigrants. “Even if every eligible British Columbian was trained, there would not be enough workers to fill those openings,” according to the statement.
The exemption will apply only to foreigners buying principal residences in the Metro Vancouver area, B.C. said. Foreigners who become permanent residents or citizens within one year of buying a home will also be able to claim a rebate.