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Underground Oil Storage Tanks (UST) What is it? Many homes in the Greater Vancouver area built before 1957 were initially heated with furnace oil. When natural gas became available, the underground oil storage tanks (USTs), usually located in backyards, were often filled with sand or capped. However, as these tanks corrode over time, residual oil…
BC Foreign Buyer Tax What is it? If you are a foreign national, foreign corporation, or taxable trustee, you are required to pay an additional property transfer tax on your share of the property in certain regions of British Columbia. This additional tax is 20% of the fair market value of your proportionate share. Applicable…
The Foreign Buyers Ban What is it? The foreign buyer ban was made effective January 1, 2023, which prohibits the purchase of residential property on a federal level in Canada by foreign commercial enterprises and Non-Canadians. More formally, Non-Canadians include any individuals who are not Canadian citizens, permanent residents, or persons registered under the Indian…
BC Empty Homes Tax What is it? The Empty Homes Tax also known as the Vacancy Tax was introduced in 2017 to address housing affordability and availability challenges in Vancouver. Homeowners must submit an annual declaration to determine if their property is subject to the tax. Even if you live in your home, you must…