The tax involved amendments to the "Property Transfer Tax Act" imposing an additional "property transfer tax" of 15% of the assessed value on property purchased by those who are neither citizens nor residents of Canada. It is part of the omnibus legislation "Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016". It was introduced after calls urging the British Columbia provincial government to intervene in the housing market and curb foreign investment that was seen as a major contributor to the rapid rise in home prices.