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24

Vancouver Foreign Tax Slowing an Already Cooling Home Market

By Tony Seruga

Detached home sales down 66% in first two weeks of August
Price gains slowing this year, even before foreign buyer tax

British Columbia’s measures to cool off North America’s hottest real estate market are starting to have the desired effect.

Early data from the Real Estate Board of Greater Vancouver suggest the 15 percent foreign buyer’s tax, which was unveiled July 25 and took effect Aug. 2, may be curbing sales and limiting price gains, adding to a slowdown that started in May amid concern a housing bubble was forming in Canada’s third-biggest city…

Vancouver Foreign Tax Slowing an Already Cooling Home Market

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