Foreign buyers make up 3% of Metro Vancouver real estate sales in October

About $115 million worth of home sales involved foreign nationals, data show

Foreign buyers make up 3% of Metro Vancouver real estate sales in October

Foreign buyers bought three per cent of residential properties that changed hands in Metro Vancouver in October, the latest figures from the B.C. government show.

That’s higher than the 1.8-per-cent rate in September, but still lower than the 13.2-per-cent rate before the province imposed a 15-per-cent tax on residential property purchased in Metro Vancouver by non-Canadian citizens or residents in August.

About 140 home sales, worth about $115 million, involved foreign nationals in October in the region, according to data released Tuesday. That’s out of a total of about 4,700 home sales, valued at $3.6 billion.

Elsewhere in B.C., foreign buyers made up about 2.9 per cent of all residential purchases, worth a combined $129 million.

Foreign buyers accounted for 0.9 per cent of sales in Surrey in October, 2.5 per cent in Vancouver, 5.9 per cent in Burnaby and 6.7 per cent in Richmond.

Finance Minister Mike de Jong said his ministry has been closely watching Squamish, the Fraser Valley and southern Vancouver Island to gauge whether the Metro-only tax spurs more foreign buying in other regions.

The latest numbers show foreign buyers made up 6.3 per cent of transactions in the Capital Regional District.

“The data suggests we haven’t seen a lot of drift into Squamish or Abbotsford,” de Jong said. “The trendline in victoria seems to be upward. Not dramatically. But we’re watching it carefully.”

He noted the foreign buyers tax legislation allows the government to adjust the rate or apply it to new regions at any time via regulation.

As for the jump in foreign buying since September, finance ministry officials noted a significant number of foreign purchases are thought to have shifted ahead of the August introduction of the new tax in order to avoid it. As a result, a rebound from low levels in August-September towards a new normal was considered likely.

From Aug. 2 to Nov. 14, the province has collected $36 million from 431 foreign purchasers. More than 200 audits have been opened to determine if the tax has been correctly paid.

The finance ministry now says the the tax is likely to generate much less money than the $165 million a year in new annual revenue previously projected.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Students with Seaquam Secondary’s Delta Youth Advisory Council are collecting non-perishable food donations Feb. 1 to March 5 to help feed local families in need over spring break. (Delta School District/submitted photo)
Seaquam Secondary food drive to help feed 15 North Delta families

Donations can be dropped week days between 8 a.m. and 3 p.m. until Monday, March 8

Stephen Gregorig, co-owner of Smugglers’ Trail Caskworks, holds a soon-to-be-filled can of Orion 1-1. Smugglers’ Trail is launching the beer in an effort to raise funds and awareness for Honour House—a home that supports soldiers, veterans, first responders, and their families. (Photo: Malin Jordan)
‘It’s a tip of the cap,’ Smugglers’ Trail Caskworks launches new beer to help support B.C. charity

Sales of Orion 1-1, a poppy-seed IPA, will help raise funds for Honour House

A semi-truck hauling lumber through Tilbury did not have its load adequately secured, which Delta police believe resulted in the cargo almost falling off the trailer. (Delta Police Department photo)
Delta police find issues with nearly half of trucks inspected in January

Load safety, brakes, driver records the focus of DPD’s dedicated Commercial Vehicle Enforcement Unit

The  8800-block of 140B Street in Surrey, a block northeast of Bear Creek Park. (Google Maps)
Surrey RCMP investigate late-night shooting

Police say officers were called for reports of gunshots heard in the 8800-block of 140B Street

A reminder to students at Surrey’s Strawberry Hill Elementary to physically distance during the COVID-19 pandemic. (File photo: Lauren Collins)
Six classes at four Surrey schools isolating after COVID-19 variants detected

District superintendent says schools given notices about variant exposures Monday night

Victoria’s Swartz Bay terminal. (Black Press Media file photo)
BC Ferries offers cheaper, prepaid fare options

Ferry service preparing for busy terminals when travel restrictions are lifted

FILE - Dolly Parton arrives at the 61st annual Grammy Awards on Feb. 10, 2019, in Los Angeles. The Grammy-winning singer, actor and humanitarian posted a video on Tuesday, March 2, 2021, of her singing just before getting her COVID-19 vaccine shot. Parton donated $1 million to Vanderbilt University Medical Center in Nashville, Tennessee for coronavirus research. (Photo by Jordan Strauss/Invision/AP, File)
‘Vaccine, vaccine’: Dolly sings ‘Jolene’ rewrite before shot

The Grammy-winning legend turned 75 this year

Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks about the Fiscal update during a news conference in Ottawa, Monday November 30, 2020. THE CANADIAN PRESS/Adrian Wyld
COVID-19: Wage and rent subsidies, lockdown support to be extended until June

Chrystia Freeland says now is not time to lower levels of support

The area on Cordova Bay Road where ancestral human remains were discovered Feb. 22. (Submitted photo)
Human remains discovery a reminder of B.C. Indigenous culture dug up and displaced

‘These are the people who inspired and birthed the generations that we now have here’

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Most Read