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

UPDATE: Poor ventilation likely cause of carbon monoxide incident at Delta farm

All 42 patients have been released from hospital, according to Delta Fire

Medieval holiday concert, Winter Harp, returns to Chilliwack Cultural Centre Stage

Magical backdrops of cathedrals and wisps of snow set the stage for Winter Harp, a wondrous concert experience set to capture the joy and spirit of the holiday season.

It’s more than Hope that makes the community great

Warm-hearted and fascinating people made reporter’s brief stay in Hope one he’ll never forget

Muddy water has Hope resident seeking a remedy

No one sure of cause, but solution needed

Christmas at Hope’s food bank a busy time for volunteers

Volunteers and love make the difference

VIDEO: Christmas at Kilby feast kicks off holiday eating

Sold-out event driven by volunteer staff

Site C decision coming Monday

Premier John Horgan to announce fate of dam project at B.C. legislature

VIDEO: Man frustrated that Vancouver taxi driver won’t take him home to New Westminster

Kuldip Gill says that not being able to get a ride to the suburbs is a constant problem

Legacy of Amanda Todd lives on through B.C. foundation

Todd’s mother Carol stresses the importance of putting the phone down and talking with children

UPDATE: Train hits hydro pole, causes outage near Deltaport

No injuries reported but traffic in and out of Deltaport is blocked

VIDEO: Vancouver Whitecaps acquire star striker Kei Kamara

Kamara has 103 goals and 39 assists in 298 appearances over 11 Major League Soccer seasons

Smartphone pedometers underestimate steps, but valuable health tool: study

UBC researchers found the iPhone underestimated steps by 21.5 per cent

VIDEO: ‘Last Jedi’ premiere kicks off with droids, Daisy Ridley

Latests Star Wars film premiered in style ahead of Dec. 15 theatre debut

Most Read