Data shows a larger share of value for foreign buyers prior to implementation of tax last summer
The number of foreign buyers purchasing real estate in the Tri-Cities has fallen dramatically since the introduction of the provincial government’s 15% foreign buyers tax last summer.
In the seven weeks prior to the implementation of the tax, foreign nationals made up 11.6% of all real estate purchases in Coquitlam, Port Moody and Port Coquitlam, according to data recently obtained by The Tri-City News through a Freedom of Information request.
But the figures have plummeted since Aug. 1, 2016, with only 93 foreign buyers out of 3,377 transactions (2.8%) in the three communities.
The change has been the most significant in Coquitlam.
In the Tri-Cities’ largest municipality, 15.2% of real estate purchases were conducted by foreign buyers prior to the tax, a number that has dropped to 4.4% since. Port Moody fell from 11.2% to 1%, while PoCo dropped from 6.4% to 0.8%.
The data also showed that foreign buyers made up a larger percentage of the total value of real estate that changed hands between June 10 and Aug. 1, 2016.
In Coquitlam, foreign nationals made up 17.9% of the value of all property transfers while the figure was 11.2% in Port Moody and 6.4% in Port Coquitlam.
But from Aug. 2 to Feb. 28, foreign buyers made up 2.9% of the total value of all transactions in the Tri-Cities.
The percentages in the Tri-Cities are well below many other Lower Mainland communities.
In Richmond, for example, foreign buyers accounted for 27% of all real estate transactions in the seven weeks leading up to the introduction of the foreign buyers tax while Burnaby and West Vancouver were at 24%.
Across Metro Vancouver, 16.5% of real estate dollars that changed hands involved foreign buyers prior to Aug. 1, 2016.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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