July 27, 2016

Premier Christy Clark

West Annex, Parliament Buildings
Victoria, BC V8V 1X4
Re: New Foreign Buyers Tax
Dear Premier Clark,
We are writing to you to express our surprise and concern regarding the introduction of the 15% additional
property transfer tax on foreign purchasers.
ITC Construction Group (ITC) has been building residential developments since inception in 1983; we have built
185 multi-unit projects throughout Western Canada. We currently have 20 projects under construction and
employ upwards of 2,500 people on our jobsites.
ITC has been a big supporter of you and the BC Liberals through our subsidiary companies Tech Projects and
Intertech Construction Managers.
The imposition of this Foreign Buyers Tax is a real threat to the state of development in the Greater Vancouver
Area and thus a threat to employment within the construction industry. The construction industry is one of BCs
largest employers and the potential downsizing of employment opportunities will make it that much harder for BC
residents to purchase homes this is the exact opposite outcome that this legislation seeks to achieve.
We ask you to review the legislation and seriously consider, at a minimum, the inclusion of a grandfather clause for
pre-sales. An abrupt change to the pre-sales agreements communicates to the world that our markets are not as
safe and stable as previously believed. Honouring these pre-sales agreements ensures that current construction
developments remain secure and will prevent a negative shock to the current economy.
Sincerely
ITC Construction Group

Doug MacFarlane
President & CEO

Corporate Office
Suite 800 564 Beatty Street, Vancouver, BC V6B 2L3
Tel: (604) 685-0111 Fax: (604) 685-0112

Peter Rezansoff
Chairman of the Board of Directors