Foreign buyers 1.3 per cent of Metro Vancouver real estate sales since tax
VANCOUVER — The British Columbia government says the rate of foreign investment in Metro Vancouver real estate has fallen to 1.3 per cent since the introduction of a new tax targeting international buyers.
The drop is dramatic compared with the seven-week period before the tax was introduced when foreign buyers accounted for 13.2 per cent of the residential purchases in Metro Vancouver.
The province brought in a 15-per-cent property transfer tax on foreign buyers in Metro Vancouver on Aug. 2 in an effort to cool one of the hottest housing markets in North America.
Between Aug. 2 and Sept. 31, the rate of foreign investment in residential real estate in Metro Vancouver was 1.3 per cent, slightly less than the provincial average of 1.7 per cent.