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Real estate sign in the Kitsilano neighbourhood in Vancouver, British Columbia, Sunday, June 9, 2013. Sales of detached houses in the Vancouver region have dropped 66% in the first two weeks of August compared to last year, after quick introdction of the new foreign-buyer fee. (Rafal Gerszak For The Globe and Mail)
Real estate sign in the Kitsilano neighbourhood in Vancouver, British Columbia, Sunday, June 9, 2013. Sales of detached houses in the Vancouver region have dropped 66% in the first two weeks of August compared to last year, after quick introdction of the new foreign-buyer fee. (Rafal Gerszak For The Globe and Mail)

Vancouver-region home sales expected to fall in wake of tax on foreign buyers Add to ...

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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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