Condo ‘presales’ could be left in chaos by new B.C. tax, industry warns
B.C.’s new tax for foreign buyers could end up causing a “huge mess” that hurts Canadian property owners if the province doesn’t exempt soon-to-close contracts and condo “presale” agreements, real estate insiders say. The tax, announced Monday by the B.C. government, imposes an additional 15 per cent property transfer tax on sales of residential property by foreign buyers that close and are registered after Aug. 2. Read the article………….