Did the New Foreign Tax Make Vancouver Real Estate More Affordable?Posted by Tony Cikes on
Back on August 12, 2016 I wrote about the new 15% property tax that was introduced for residential property transfers to foreign entities (non-Canadian Citizen or non-Permanent Resident) in the Greater Vancouver Regional District. I asked the question... "Will the new foreign tax make Vancouver real estate more affordable?". It was too early to tell back then and now that 6 months have gone bye... did it?
I have analyzed all of the listing and sold data. I separated houses from condo & townhomes and calculated their average prices. This is what has happened from August 2016 to January 2017:
In Metro Vancouver (Downtown Vancouver, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner) …
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