August 2, 2017 Foreign Buyer Tax One Year Later Strong Demand for Pre-Sale Inventory Continues Post Foreign Buyer Tax
It’s been one year since the 15% Foreign Buyer Tax which has made no real impact long-term in curbing demand or activity in the real estate market.
Since the implementation of the Foreign Buyer Tax detached homes accounted for 30 per cent to 35 per cent of sales, while attached homes (condos and townhomes) represented approximately 65 per cent to 70 per cent of home sales. In the new construction market, over 10,700 pre-sale homes have been released in the last 11 months from August 2016 to June 2017 with more than 90 per cent of new units being sold.
MLA Canada released its Mid-Year Market Review Report for 2017. The report from MLA Advisory highlights the past six months and the outlook for 2017, and recaps the market trends for the last year when the Foreign Buyer Tax came into effect. Download the full report, click here
IMAGE // Source: Real Estate Board of Greater Vancouver