Advertisement
3% of transactions involved foreign buyers last month
VICTORIA – About three per cent of residential real estate transactions last month in Metro Vancouver involved foreign buyers, a decline of more than 10 percentage points since the B.C. government intervened with a new tax.
The province says 140 properties worth $115 million involving foreign buyers were transferred in Metro Vancouver in October.
Provincial government figures show that rate is up from the 1.8 per cent of foreign purchases in the Vancouver area in September, the month after the 15-per-cent tax was introduced.
Finance Minister Mike de Jong says the government is scaling back the amount of money it expects to collect from the tax in this budget year based on the new figures.
The province now expects to collect $50 million from the tax, down from its previous estimate of $165 million.
There are still pockets in Metro Vancouver where foreign purchases are higher, including Richmond where 6.7 per cent of all residential transactions were sold to foreigners.
The tax doesn’t apply in the Victoria area and it saw more foreign buyers in October at 6.3 per cent of all purchases.
Related:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
A new EY survey has found that demand for EVs and hybrid vehicles has dropped slightly, with drivers citing...
Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...
Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
