Posted Aug 3, 2017, 7:29 PM
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Registered User
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Join Date: Oct 2015
Location: Vancouver
Posts: 367
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http://dailyhive.com/vancouver/foreign-buyers-tax-vancouver-one-year-on
Quote:
Vancouver real estate seems to be moving elsewhere, according to data collected by a Chinese international real estate website.
Throughout the months of August, inquiries into Seattle and Toronto properties were up 143.2% and 142.6%, respectively, compared to the same month in 2015.
In contrast, inquiries about Vancouver plummeted by 81% during the same period.
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New data released by the provincial government suggests the retreat of foreign investment in residential real estate in Metro Vancouver.
In August, home sales to foreign buyers plummeted to just 0.9% in response to the surprise introduction of the extra property transfer tax.
Overall, foreign buyers were responsible for just 1.3% of the 12,114 transactions that took place since the government introduced the tax.
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