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

Playground honouring RCMP constable and mother killed by drunk driver in Langford to open on time

‘There will be a few tears’: Sarah Beckett Memorial Playground opens on Aug. 24

Feast of Fields set to take place at Snowdon House farm in North Saanich

Event on Aug. 25 will feature Q at the Empress, Church & State, Phillips Brewing and more

Saanich Police looking for information relating to suspicious death

The body of a man was found on Crease Avenue just after 9 a.m. on Saturday

Central Saanich church to bless pets

Blessing might offer redemption

A mix of sun and cloud ahead for Monday

Plus a look ahead at your week

70 years of lifting: Canadian man, 85, could cinch weightlifting championship

The senior gym junkie is on track to win the World Masters Weightlifting championship

Maxime Bernier tells party faithful he will make it into the leaders’ debates

The People’s Party of Canada does not meet the current requirements

15-year-old boy drowns after midnight jump into Okanagan Lake

The RCMP and BC Coroners Service are investigating the drowning.

U16 B.C. fastpitch team named national champs

Girls went undefeated at national tournament in Calgary

Advocates ‘internationalize’ the fight to free Raif Badawi from Saudi prison

Raif Badawi was arrested on June 17, 2012, and was later sentenced to 1,000 lashes and 10 years in jail for his online criticism of Saudi clerics

Canadian entrepreneurs turning beer byproduct into bread, cookies and profits

Some breweries turn to entrepreneurs looking to turn spent grain into treats for people and their pets

Most Read