Foreign Buyer Tax in Victoria? You may recall that late this summer the provincial government rolled out a 15% property transfer tax applicable on homes purchased by foreign buyers. The taxation area was limited to Metro Vancouver only, with the caveat that the government would have the ability to levy the tax on any other area in BC if they saw the need.

This week BC's Ministry of Finance released new foreign buyer data that revealed a month over month increase in foreign buyers into the Capital Regional District (CRD).

The increase in sales in October has brought new attention to the CRD and Minister of Finance Michael de Jong has said he is watching the upward trend closely.

New data also shows that foreign buyers are slowly increasing…

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Competitive Housing Market in Victoria Continues as Inventory Remains Low November 1 2016, Victoria, BC A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

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Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

“We continue to…

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The fear following Vancouver’s 15% foreign sales tax was that those buyers would be pushed to Toronto. Has that happened?

The answer may soon be available.

Urbanation released a survey of condo foreign purchasers, which found foreign buyers account for just 5% of Toronto condo sales, compared to 52% of condo sales going to domestic investors.

“The results of this very important survey show a rather limited role of foreign buyers in the GTA new condo market and a very significant overall share of investors,” Shaun Hildebrand, senior vice president of Urbanation, said. “These estimates coincide with the percentages of new condos entering the rental market upon completion, indicating the important role investors play in the GTA housing market.”

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