The province has introduced legislation that will keep homes affordable in Metro Vancouver.
The legislation includes a new property transfer tax of 15 per-cent that will apply to purchasers of residential real estate who are foreign nationals or foreign-controlled corporations.
Finance Minister Michael de Jong says the additional tax will take effect a week from tomorrow.
The money collected in the fund will be used to create a new Housing Priority Initiatives Fund for provincial housing and rental programs…which will be announced in the near future.
