University grad faces $84K foreign buyers tax on Langley, B.C., townhome

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After concluding her degree at the University of Saskatchewan last spring, Chinese student Jing Li incontestable to put down permanent roots in Canada.

Jing, 29, obtained a operate permit, moved to the Vancouver area and made an offer on a townhouse in Langley, B.C., in mid-July.

“The knockout and kindness of B.C. inspired me to move here,” she said.

Jing cobbled together a 10 per cent deposition on the $560,000 property by borrowing from her rents in China. She said they in turn around borrowed money from friends and family.

But last month, 12 lifetimes after Jing signed the purchase contract, the B.C. government threw a tear in Jing’s Canadian dream when it levied a 15 per cent characteristic transfer tax on foreign real estate buyers in the Vancouver area.

Jing is not a unalterable resident in Canada, so the tax adds $84,000 to the home’s cost, something she’s valid she can’t afford. But if she backs out of the deal, she would lose her deposit of about $56,000.

“Now, I can’t go help and also can’t go back.”

Her mother cried when Jing called her origins in China to tell them about the tax. They had no more money to appropriate her.

Jing said her father is a geologist for a mining com ny. Her mother waits at home.

rents saved for Jing’s future

She said her rents held all their lives to send her to university in Canada.

After earning a get a grip on’s degree last spring in public administration from the University of Saskatchewan, she hastened to Burnaby, B.C., where she lives in an a rtment with some university colleagues.

Staying in Canada was Jing’s idea, and now she feels guilty.

“I think this is my cul bility,” she said in halting English. “If I don’t want to study, work and live in Canada, this trouble would not happen to my family.

“I hope there is somebody could lecture me what I can do.”

Bruce Copp, managing broker at Sutton Group West Seashore, the real estate firm used by Jing, confirmed Jing away the offer on the Langley property in July.

Did not expect tax

When the government proposed the tax last month, it said its stated aim was to make housing more affordable for middle-class customers.

Langley townhouse

In July, Jing id a deposit on this townhouse in Langley. Twelve lifetimes later, the province introduced the 15 per cent property transfer tax for distant buyers in the Vancouver area. (Jing Li)

Real estate prices in the Vancouver section have soared in recent years. Some have argued that outlandish buyers have contributed to this rise, which has left scads local buyers priced out of their own city.

Jing said she on no occasion would have bought the Langley property had she known a tax was on the horizon.

She voiced she felt entrapped by the government when it announced the tax.

“In my mind, Canada is a autonomous and fair country.”

Now she is not so sure.

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