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

Province rejects criticism from Saanich councillor over McKenzie Interchange

Transportation ministry says project will ‘significantly lower’ greenhouse gas emissions

UPDATE: Father on trial for murder describes being ‘tackled’ and ‘stabbed’ in Oak Bay apartment

Oak Bay father takes stand in his defense for December 2017 deaths of young daughters

Police rule out foul play in death of man found in Saanich

The B.C. Coroners Service will now conduct an investigation

West Shore RCMP snag suspected thief with bait bike

GPS-equipped bike leads police to arrest suspect in Langford

New police force in Surrey must avoid VPD, RCMP errors made in Pickton case: Oppal

Boots are scheduled to be on the ground by spring 2021

POLL: Should there be a ban on gas-powered leaf blowers?

We’ve all heard them, and most likely cursed them under our breath.… Continue reading

Greater Victoria wanted list for the week of Aug. 23

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Striking Western Forest Products workers could lose benefits in September

Union, forest company at odds over Vancouver Island benefit payments as strike enters third month

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

B.C. music teacher accused of sexual misconduct involving girls

Police believe other victims could be out there after the arrest of Lamar Victor Alviar

Most Read