DataLife Engine / Foreigners stop buying housing in Vancouver due to new tax

Foreigners stop buying housing in Vancouver due to new tax

The tax has been introduced on the 2nd of August. As a result, last month, housing sales to foreigners totaled 1% of a total amount of property transactions, although, seven weeks prior, the share of foreign buyers in Vancouver accounted for 13%, as is stated in the report made by the authorities of British Columbia, Canada.

Imposing additional tax for foreigners was intended to curb an increase in housing prices, which have surged by 31% up to 933,100 Canadian dollars over the course of 12 months. The funds collected through new taxation will be allotted to support the city residents and citizens with low income.

23-09-2016, 15:58
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