After the introduction of the foreign buyers 15% tax, the amount of foreign buyers in the market has dropped down to 1.3%. This is an enormous drop considering before the tax, foreign buyers amounted to 13.2% of purchases.
Since the rate of foreign buyers in the Vancouver market has decreased, we are noticing local, first-time buyers are feeling more confident with purchasing a home now. The market for condominiums in popular areas like Downtown Vancouver is still going strong, with over 1,600 sales in the past month.
Other results from this 15% tax? The government has collected $10.1 million since introducing this tax on August 2.
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