Vancouver’s housing market could be in for a shock on Friday when the Greater Vancouver Real Estate Board reports on housing sales data for August, offering the first official glimpse of the effects of British Columbia’s new tax on foreign home buyers.
Early numbers from the real estate board released in the middle of the month showed a sharp drop in housing sales in the region in the wake of the provincial government’s Aug. 2 introduction of a 15-per-cent land transfer tax on foreign buyers. The tax applies to sales of houses in Vancouver and 21 surrounding communities to buyers who are neither Canadian citizens nor permanent residents.
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