Homes sales in Metro Vancouver drop 75% after new tax on foreign buyers

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Premier Christy Clark takes action

The number of home sales in key Metro Vancouver municipalities took a major hit after the foreign buyer tax was announced, according to a Vancouver realtor with data from the MLS.

There has been a massive drop-off after the province announced a 15 per cent tax for foreign buyers on July 25.

In the week of July 25 to 31, there were just three detached home sales in Richmond, compared to 12 the week earlier and 25 the week before that. In Burnaby, there were also only three sales last week, down from seven the week before, and 20 the week earlier.

Vancouver West also saw a dramatic decrease – falling 96.3 per cent from 27 sales during the week of July 11 to 17 to only one sale between July 25 and 31.

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Vancouver East was similar – down from 34 sales at three weeks ago to only five sales last week. That is a decrease of 85.2 per cent.

For each region combined, last week’s sales numbers were a 75 per cent decrease from the week before. – CINEWS

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