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New Property Tax Legislation

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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.

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