I came across an article in the Vancouver Sun today showing that foreign investment in Real Estate in Vancouver has decreased by half from August 2nd to September 30th of this year, a direct result of the 15% tax levied against foreign buyers earlier this year for purchases in the Greater Vancouver area.
The article also mentions that foreign investment increased from 3.5% to 3.9% of all purchases in Greater Victoria (The Capital Regional District) over the same time period. Although foreign investment still only accounts for a very small portion of all sales, it’s worth noting that it is on the rise in Greater Victoria as investors look to avoid the new tax that affects Greater Vancouver only.
Leslee and I are just back from a luxury Real Estate Conference in Scottsdale, Arizona last week where we heard from our colleagues in Calgary, Greater Toronto (The GTA) and Ottawa that they have seen sharp increases in the number of investors from Mainland China purchasing properties in that area in direct response to the Provincial Government’s tax law for foreign investors in Greater Vancouver. Our colleagues south of the border also report an increase in Chinese buyers, although not in relation to the Vancouver tax but more so over the last 18-24 months in markets such as Los Angeles, Washington DC, Carmel California and up into the San Francisco and the entire Bay Area. It appears that the number of investors from China continue to find real estate in North America, and particularly Canada , very appealing, albeit not so much so in the Greater Vancouver area.
Thanks for reading, as always, please contact us for further information or if you have any further questions about selling and buying real estate in Victoria, BC.All Articles More Like This