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Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers.

British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable for residents of Canada’s Pacific Coast province.

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Photo by Christopher Goodney/Bloomberg

Starting Wednesday, foreigners will pay the province a 20 per cent tax on top of the listing value, up from 15 per cent now, and a levy on property speculators will be introduced later this year, according to budget documents released Tuesday. The government will also crack down on the condo pre-sale market and beneficial ownership to ensure that property flippers, offshore trusts and hidden investors are paying taxes on gains.

Premier John Horgan faces formidable demands after taking power in a fiercely contested election last July. His New Democratic Party made expensive promises to topple the Liberals, whose 16-year-rule brought the fastest growth in Canada, but also surging property while incomes stagnated.