Finance Minister Mike de Jong and Premier Christy Clark announce new tax on foreign property purchases that took effect Aug. 2.

Foreign real estate investment stays low

Hike in property purchase tax for non-Canadian buyers dropped sales in Metro Vancouver, hasn't pushed them up in Victoria

Newly released data for September show foreign real estate purchases account for less than two per cent of sales value in Metro Vancouver, down from nearly 10 per cent before a new tax was imposed on non-resident purchases.

Of the 5,150 residential property transfers in Metro Vancouver in September, 1.8 per cent involved purchasers who are not citizens or permanent residents of Canada, according to figures released Friday by the B.C. finance ministry.

Province-wide, foreign purchases accounted for 1.7 per cent of value since a new 15 per cent property purchase tax was added to foreign purchases on Aug. 2. The additional tax applies only to Metro Vancouver properties.

Premier Christy Clark and Finance Minister Mike de Jong unveiled the new tax on short notice, in response to an apparent steep increase in foreign property purchases that was seen as fuelling rapid price increases.

De Jong noted at the time that the Metro Vancouver measure might push foreign buyers to the Victoria region, but that has not emerged.

In the Capital Regional District, foreign buyers represented 3.5 per cent of the residential real estate market from Aug. 2 to Sept. 30, compared to the previous three months when foreign buyers accounted for 3.9 per cent of sales.

 

Just Posted

Ministry ‘fumbled the ball’ on Station House: Hope mayor

Hope cannot take ownership of project as highway ministry did not consult with First Nations

Fraser Health patients to see 23% more knee, hip replacement surgeries

First-available surgeon approach will reduce waitlists, B.C. health minister says

Council to vote on 2018 budget and five-year financial plan Monday

Budget increases two per cent with paving, Othello road upgrades, finishing wastewater plant planned

In search of treasured metals

John Fair runs a modern day panning school in Hope and Yale

Hope shines at 16-team girls’ tournament

Teams from Kootenays, Vanderhoofe , Pender Harbour in town over weekend

Police release criminal profile of suspect in Burnaby teen’s murder

Marrisa Shen was found dead in a Burnaby park last summer

Jury to deliberate after Cosby painted as predator

A jury of seven men and five women are to decide actor Bill Cosby’s fate

Memorial to victims of Toronto van attack continues to grow

The subway station where a van was used to run down pedestrians has reopened in Toronto

Small aircraft touches down on Calgary street

The twin-engine plane was apparently short on fuel forcing an emergency landing

Person in custody after Mounties closed Port Mann Bridge

Police say they responded to a ‘complaint of a person requiring assistance’

B.C.’s living wage increase curbed due to MSP cuts, child care subsidy: report

Living wage varies between $16.51 in north central B.C. to $20.91 in Metro Vancouver

See what’s up when you borrow a telescope from the library

Fraser Valley Regional Library’s telescope lending program takes off.

Doctor sees healing power in psychedelic plant as Peru investigates death of B.C. man

Peru’s attorney general has ordered the arrest of two suspects in the killing of 41-year-old Sebastian Woodroffe

Toronto police officer ‘gave himself the space and time’ in van attack

Footage shows officer standing up, turning off his siren and talking clearly to the suspect

Most Read