New tax in Vancouver turns off overseas buyers

Ottawa

THE share of homes purchased in British Columbia by foreign buyers decreased as at the end of August, data from the provincial government showed on Thursday, suggesting a new tax in the city of Vancouver was discouraging overseas buyers.

The share of property transfers in the province that involved foreign nationals stood at 5.8 per cent between early June and the end of August. That was down from 8.4 per cent between June 10 and Aug 1, the last data released by the government.