The Additional Property Transfer Tax (“ATT”), commonly called the Foreign Buyers Tax, was introduced by the BC government in 2016. The ATT is 20% of the fair market value of the property and is payable when a foreign individual (an individual who is not a permanent resident or a citizen of Canada) buys property in certain specified areas in BC, including Greater Victoria, Greater Vancouver, Nanaimo and Kelowna. There are two exceptions to paying ATT for recent immigrants to BC.
