Cancel the unfair, unethical and immoral 2018 May 18th deadline on BC foreign buyer tax
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To Honorable Premier John Horgan,
We would like to ask your consideration for amending the new tax that will have serious negative effects on some of the foreign buyers and the reputation of British Columbia.
We do understand the reasons behind the new tax on foreign buyers; however, we strongly disagree how it is implemented.
The May 18th deadline of the new tax is unfair, unethical, and devastating for the foreign buyers who had already signed the pre-sale contracts way before Feb 20, 2018, which simply cannot be completed or registered before May 18th, 2018. Essentially, they are penalized for hundreds of thousands of dollars without any wrongdoing. We find it is unjustified, unethical, immoral, and discriminative. Moreover, we believe it is contradictory to Canadian value and the principle of law.
We have a real-life example to demonstrate how people are affected. This example is only one of the too many people who are affected.
In 2017, a foreign buyer signed up and paid 15% deposit for a condo in Victoria. The mother buyer was very hopeful and happy that she was able to help her beloved daughter to purchase a home for studying and settling in Victoria eventually. Now, this loving mother is devastated by the unfair tax deadline because her condo is not going to be completed by 2019. One option is losing the 15% of deposit since the contract is binding, or the other option is to pay 20% of Property Transfer Tax on top of the expensive condo. Her dream just turned into a nightmare in several months.
Now, these foreign buyers feel the people, the city, the province, the country turned on them and treated them like criminals. “What kind of crime have we committed to deserve hundreds of
thousand dollars of fine?” “Am I being rubbed by the BC government?” “I thought Canada is better than this!” “It was a trap.” “It was not the deal!”
With all due respect, how would you feel if you were a foreign buyer in this case? Maybe anxious, angry, betrayed, bullied, and discriminated? It would be hard for us to really understand their feelings since we are not treated unfairly.
But many of us who care feel shamed! It is shameful that how BC is treating these people who cannot make their voices heard here. It is shameful their interest is sacrificed for political popularity.
We would like to ask you to do the right thing by graciously amending the new tax to exempt all contracts of purchase and sale that were confirmed on or before Feb 20 without the deadline of
registration in the title. We hope you will be the Honorable Premier John Horgan that people voted for.
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