Pulse – B.C Government’s foreign taxes affecting investing from foreign buyers

Bethany Lindsay of the Vancouver Sun discusses the effects of B.C. government’s foreign tax affecting foreign buyers in Metro Vancouver.

According to property tax data in November, 4.1 per cent of Vancouver’s residential transactions involved foreign buyers. After the 15 per cent tax was introduced, less than 1 per cent of real estate transactions involved foreign buyers.

Andrey Pavlov, real estate finance specialist at Simon Fraser University believes this huge drop must not be related to seasonal variation but cannot make real conclusions that the impact is due to tax; due to June of 2016 being the first month Vancouver tracked foreign purchasers.

Read the full article below and tell us your thoughts: https://vancouversun.com/news/local-news/foreign-buyers-of-b-c-real-estate-now-looking-for-cheaper-properties