Foreign Buying Plummets in Vancouver After New Property Tax
- Foreigners comprise less than 1% of purchases after new levy
- Overseas buyers bought C$2.3 billion of homes before tax start
Foreign Buying Falls in Vancouver After New Property Tax
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Foreign investors dropped out of Vancouver’s property market last month after the provincial government imposed a 15 percent surcharge to stem a surge in home prices.
Overseas buyers accounted for less than 1 percent of the C$6.5 billion ($5 billion) of residential real estate purchases between Aug. 2 to 31 in Metro Vancouver, according to data released by British Columbia’s Ministry of Finance on Thursday. In the roughly seven weeks prior to that, they’d represented 17 percent of transactions by value.