Is a new tax on foreign buyers, announced Monday by the B.C. government, racist?
New legislation will take effect August 2, and will add a 15% property transfer tax for foreign nationals buying real estate in the west coast province.
Foreign buyers have come under heavy criticism over the last year or so, being singled out as the main cause behind sky-high real estate prices in southern B.C. and Toronto (and the surrounding are).
The tax would add $300,000 to the purchase price on a home selling for $2-million to a foreign national.
Many foreign buyers involved in the Vancouver market hail from mainland China.
AM640 Business Analyst Lou Schizas believes that this new tax is nothing more than racial profiling. During a discussion on The John Oakley Show Tuesday morning, the Happy Capitalist likened the financial hit to the Chinese head tax.