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

North Delta junior curlers score a rare eight-ender

Delta Thistle Curling’s Junior Delta 1 is among only 12 teams in B.C. to score a perfect end this season

Delta to give Deltassist $75,000 for seniors programs

The funding will replace a grant from United Way that’s set to expire next year

Rainstorm drenches Lower Mainland as snow falls on the Sea-to-Sky

Heavy rains, snow expected till Friday morning

Community steps up to get Sources’ food bank truck on the road

Individuals, businesses help fix vehicle that had been damaged by theft

Man climbs tree to evade police after Surrey RCMP called to domestic dispute

The man was 60 feet up the tree for hours, according to a Black Press freelancer at the scene

Man caught on camera allegedly trying to defraud ICBC

Auto-insurer warns B.C. drivers to record info after crashes

North Delta happening: week of Dec. 13

Events, courses and clubs listings for North Delta

5 to start your day

Torched-SUV victim from Surrey ‘had the purest heart,’ TransLink will bring free WiFi to buses, SkyTrain and Seabus by 2020 and more

‘People talk about deep sadness:’ Scientists study climate change grief

Some call it environmental grief, some call it solastalgia — a word coined for a feeling of homesickness when home changes around you.

As protectors abandon Trump, investigation draws closer

Cohen was sentenced Wednesday to three years in prison for an array of crimes.

Senate delays start of sittings in new home, delaying start of broadcasts

The Senate and House of Commons are moving into temporary homes for the next decade as a result of long-planned and badly needed renovations to the Centre Block.

UK leader seeks EU lifeline after surviving confidence vote

EU leaders gather for a two-day summit, beginning Thursday, which will center on the Brexit negotiations.

French police try to catch attack suspect dead or alive

Local authorities increase death toll to three, including 13 wounded and five in serious condition

BCHL’ers blanked by Russia at World Junior A Challenge

Canada West loses battle of the unbeaten teams in the preliminary round

Most Read