Local authorities in the Canadian province of British Columbia have confirmed new rules meant to slow the sale of homes to foreign buyers.
As of early next month, non-Canadians are going to have to pay an additional 15 percent surcharge to purchase residential homes in British Columbia.
Provincial authorities say the move is meant to make it easier for the middle class to purchase homes.
The move applies to all residentially-zone property in the province, including those purchased by foreign-controlled firms.
Commercial properties are not covered under the new rules.
The city of Vancouver, the most populous city in British Columbia, has seen a swell of foreign home purchases over the past 20-years, the majority of whom come from China.
For more on this and why more Chinese people are buying homes in overseas countries like US, UK and Canada, CRI's Zhao Yang spoke earlier with Cao Can, CEO of Shengya Capital.
