Foreign Purchase Of Homes In Vancouver At A Provincial Average

Close to three percent of the business dealings and transactions that took place in the Metro Vancouver real estate market came from foreign buyers. This indicated a fall of more than 10 per cent ever since the new tax was imposed by the B.C. government.

There was a transmission of 140 properties that are valued at $115 million, which comprised of foreign buyers; as mentioned by the province. In areas like Vancouver, the figures from the provincial government indicated that the rate of foreign acquisition increased from the previous 1.8 per cent shortly after the 15-per-cent tax was imposed.

Based on the recently new numbers, the Minister of Finance; Mike de Jong said the cash that has to be collected from the tax in this year’s budget is being scaled back by the government. An amount of $50 million, which has decreased from the earlier estimation of $165 million, is expected to be collected from the tax by the province.

Metro Vancouver still has other areas where a lot of foreign purchases take place, places like Richmond, where foreigners bought 6.7 per cent of all residential dealings. Victoria area is not affected by the tax, thus, more foreign buyers of 6.3 per cent did quite a number of purchases there during October.