British Columbia sees foreign home buyers enduring despite tax

Vancouver

THE party is not over yet for British Columbia's real estate market, if government forecasts are any indication.

The Pacific coast province, which imposed a 15 per cent tax on foreign homebuyers in July to cool Canada's most expensive property market, expects overseas investors to scoop up about C$4.5 billion (S$4.6 billion) in real estate till March 2019, according to new estimates from the provincial government. Its biggest city, Vancouver, has been a magnet for global cash, where home prices are almost double the national average of C$473,105.