In a recent article by Vancouver Sun columnist – Douglas Todd, he cites: “Vancouver realtor’s advice on ‘how to avoid foreign-buyers tax’ points to larger problem”.
In it, he refers to an older blog post from 2016 I had written regarding advice on “how to avoid the foreign-buyers tax”. He goes on to say that it “…is a sign of how difficult it is to track foreign ownership” and “offers foreign nationals a wide variety of strategies for circumventing B.C.’s 20 per cent foreign-buyers tax on residential dwellings.”
Herein lies the problem, and why this article paints a bended truth, making villains of a profession for all buyers and sellers…
A fact that Douglas Todd very easily overlooked and didn’t quote, backed by the BC goverment website. In 2021, 1% of all residential real estate transactions in the Metro Vancouver area were from a foreign buyer. Hmmmm… are foreigners pushing up prices or are there other economy drivers which are doing this? Lets get to the whole truth Douglas Todd… makes my written article from 2016, almost non existant.
Vancouver is a wellspring of nationals. We pride ourselves in being a diverse community – home to people from around the globe. Whether their intentions are pure in buying real estate in Vancouver or the surrounding areas, or they are truly seeking a “loophole” – as Todd suggests, is entirely in their arena of choice.
As a Vancouver realtor with nearly 2-decades in the business, I pride myself in the understanding of the ever-changing landscape of buying real estate in BC – both locally and for those abroad, as well as securing homes for single professionals, families, and expats alike to call home.
By no means was my article intended to be a part of the real estate concerns in Vancouver, with the known reality of limited or unaffordable housing for the Canadian residents who live here. On the contrary. It was an honest piece of how the system works. One that I neither am a part in making, nor is it my call to discriminate on who buys real estate in a city that has exploded worldwide in popularity.
We, as the working class, can all appreciate the cost of living in Vancouver. We can also appreciate the beauty we’re surrounded by and the diversity therein. It is this beauty, along with said diversity, that brings us to this Pacific Northwest shoreline. It has us enduring the high cost of living and what keeps us local; because we live in one of the most beautiful places in the world where we feel, largely – accepted, inspired, and at home.
My care is for my community firstly. But as mentioned also in the article: “The federal Liberals’ parliamentary secretary for housing, Adam Vaughan, recently lamented this country is “a very safe market for foreign investment, but not a great market for Canadians looking for choices around housing.”. This is something, as a Vancouver Realtor, I have no control over, and is an issue beyond my scope of influence.
However, what I do have influence over, is helping those who wish to invest in purchasing a condo as a single professional in Vancouver, or their well-deserved retirement space in Fort Langley, or an ‘within financial reach’ family townhouse in Burnaby. It is my job to help people make their dreams of purchasing property in Vancouver, and the surrounding communities, a reality. One I still consistently manage to do outside of foreign buying power.
The Canadian dream, although inflated in Vancouver, may be costly – but it is still attainable when hiring a real estate agent who is well-versed in both the foreign tax “loopholes”, as well as the affordable places that are still in reach for single professionals, families and retirees alike.
As always, I am here to help, serve and secure your home when you’re ready to buy. Regardless of what shore or local landscape brought you to Vancouver, I’m here to help …and look forward to doing so!