Foreign buyers make up 3% of Metro Vancouver real estate sales in October

About $115 million worth of home sales involved foreign nationals, data show

Foreign buyers bought three per cent of residential properties that changed hands in Metro Vancouver in October, the latest figures from the B.C. government show.

That’s higher than the 1.8-per-cent rate in September, but still lower than the 13.2-per-cent rate before the province imposed a 15-per-cent tax on residential property purchased in Metro Vancouver by non-Canadian citizens or residents in August.

About 140 home sales, worth about $115 million, involved foreign nationals in October in the region, according to data released Tuesday. That’s out of a total of about 4,700 home sales, valued at $3.6 billion.

Elsewhere in B.C., foreign buyers made up about 2.9 per cent of all residential purchases, worth a combined $129 million.

Foreign buyers accounted for 0.9 per cent of sales in Surrey in October, 2.5 per cent in Vancouver, 5.9 per cent in Burnaby and 6.7 per cent in Richmond.

Finance Minister Mike de Jong said his ministry has been closely watching Squamish, the Fraser Valley and southern Vancouver Island to gauge whether the Metro-only tax spurs more foreign buying in other regions.

The latest numbers show foreign buyers made up 6.3 per cent of transactions in the Capital Regional District.

“The data suggests we haven’t seen a lot of drift into Squamish or Abbotsford,” de Jong said. “The trendline in victoria seems to be upward. Not dramatically. But we’re watching it carefully.”

He noted the foreign buyers tax legislation allows the government to adjust the rate or apply it to new regions at any time via regulation.

As for the jump in foreign buying since September, finance ministry officials noted a significant number of foreign purchases are thought to have shifted ahead of the August introduction of the new tax in order to avoid it. As a result, a rebound from low levels in August-September towards a new normal was considered likely.

From Aug. 2 to Nov. 14, the province has collected $36 million from 431 foreign purchasers. More than 200 audits have been opened to determine if the tax has been correctly paid.

The finance ministry now says the the tax is likely to generate much less money than the $165 million a year in new annual revenue previously projected.

Just Posted

Volunteer organization provides first aid and rescue services

Main fundraiser, the Winter Extreme Ski and Board Swap, takes place at Abbotsford Exhibition Park Nov. 16 and 17

BREAKING: Vehicle fire on Highway 1 between Chilliwack and Abbotsford

One westbound lane blocked after 11:30 a.m. on Friday leading to traffic delays

Fraser Cascade students vape more often than average B.C. youth

Fraser Health’s Dr. Alexandra Choi shared her concerns around vaping, and what Kent could do about it

UFV Town and Gown dinner raises more than $245,000

Of the total raised, $100,000 will go toward a new Peace and Reconciliation Centre

UPDATED: Brother of Chilliwack homicide victim killed in Surrey

Andrew Baldwin killed on Nov. 11, three weeks after Keith Baldwin shot in downtown Chilliwack

Abortions rights advocates urge Liberals to turn politics into policy

Conservative Leader Andrew Scheer was pressed to clarify his stance abortion over several weeks

VIDEO: Vancouver Giants blank Cougars 4-0

Goaltender David Tendeck turned aside all 38 Prince George shots for his WHL-leading third shutout

Closing arguments begin in B.C. case launched in 2009 over private health care

Dr. Day said he illegally opened the Cambie Surgery Centre in 1996 in order to create more operating-room time

MacLean says “Coach’s Corner is no more” following Cherry’s dismissal from Hockey Night

Cherry had singled out new immigrants in for not honouring Canada’s veterans and fallen soldiers

MacKinnon powers Avs to 5-4 OT win over Canucks

Vancouver battled back late to pick up single point

Dallas Smith, Terri Clark to perform on CP Holiday Train’s B.C. stops

Annual festive food bank fundraiser rolling across province from Dec. 11 to 17

Poole’s Land finale: Tofino’s legendary ‘hippie commune’ being dismantled

Series of land-use fines inspire owner Michael Poole to sell the roughly 20-acre property.

Paul Bissonnette joins Vancouver Warriors after tweeting he could walk on to an NLL club

Bissonnette will join the Warriors for their final week of training camp at Rogers Arena

Port Alberni mom takes school district to court over Indigenous smudging, prayer in class

Candice Servatius, who is an evangelical Christian, is suing School District 70

Most Read