Foreign Buyers Tax update

When the 15 per cent foreign buyer property transfer tax on homes in Metro Vancouver came into effect in August 2016, there was widespread conjecture on whether it would discourage foreign buyers.

To find out, we asked the BC Ministry of Finance for data. They provided only the number and percentage of foreign buyer transactions. Specific data on the buyer’s country of origin was not provided.

Here’s a selection from the Ministry’s data:

Foreign Buyers 1

 

 

 

 

 

 

 

 

 

As a comparison, we looked to the Capital Regional District, the city of Victoria, and the city of Kelowna, where the foreign buyer tax does not apply. However, the Ministry of Finance collects data for these locations.

Foreign nationals 2

 

 

 

 

 

 

 

 

 

What’s interesting is that there are more foreign buyers in Metro Vancouver communities which have the foreign buyers tax than in areas that don’t have the tax.

If you have questions about the foreign buyer tax, contact Harriet Permut at hpermut@rebgv.org.

 

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