Vancouver agents say home sales tumble in wake of foreign buyer tax

Vancouver

VANCOUVER real estate sales have tumbled since plans to tax foreign buyers in the Canadian city were revealed last week, local real estate agents said, a sign that the government's bid to slow the market was causing an immediate chill.

The 15 per cent levy, which was unveiled by British Columbia's government on July 25 and came into effect on Tuesday (Aug 2), drives up costs for buyers from China and other countries who have helped make Vancouver Canada's most expensive property market.