Percentage of foreign home buyers in CRD eclipses provincial and Metro Vancouver rates
The percentage of foreigners buying homes in the Capital Region is more than twice the provincial average.
The ministry of finance has released an update on residential property transfers since August 2, when the new foreign buyers tax was introduced in Metro Vancouver.
Between August 2 and September 30, foreign buyers accounted for 3.5 per cent of housing sales in the CRD. That's over twice the provincial average, and nearly three times Metro Vancouver's rate.
The numbers seem to dispel the theory that Vancouver's new tax would lead to foreign buyers flocking to Greater Victoria, though, as the CRD rate of 3.5 per cent is actually down from 3.9 per cent from June 10 to August 1.
In Metro Vancouver, foreign buyers made 13.2 per cent of home purchases between June 10 and August 1; that plummeted to 1.3 per cent after the foreign buyers tax was introduced. Provincially, the pre-tax rate of 3.6 per cent dropped to 1.7 per cent.