Foreign buyers doubled share of Vancouver home deals

The number of home sales in Metro Vancouver which involved foreign buyers increased in the 6 months to the end of September.

Data from the BC Ministry of Finance shows 6,105 property transfers in September with 5% involving foreign nationals, up from 2.5% in April.

However, this is way below the 13.2% share between June 10 and August 1, 2016. Sales to foreign buyers slumped to 0.9% in the month immediately following the introduction of the 15% foreign buyer tax.

Richmond and Burnaby saw higher shares of foreign purchasers in September at 10.8% and 9.6% respectively.

Reuters reports that the BC finance minister Carole James is reviewing the foreign buyer tax and says further action may be required.

“I‘m concerned about the role of foreign speculation in B.C.’s housing market. ... All options are on the table as we look at the impact the tax has had on the housing market,” Ms. James said in statement.

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