CMHC: FOREIGN BUYERS ALL BUT GONE IN VANCOUVER

Oct 06, 2016

By Bob Komsic

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After making up as much as 19% or roughly one in five home buyers in Vancouver, the number of foreign investors has fallen to 1% as they’ve virtually disappeared from the west coast city.
TO real estate
That according to a new report from Canada Mortgage and Housing Corporation.
But it also warns it’s ”too early” to determine the long-term impact of the 15% foreign buyers tax that was brought in early August.
CMHC also points out home sales there were already slowing before the tax was introduced.
The housing agency points out the Vancouver market had already peaked earlier this year.
Sales had dipped about 19% in July, 26% in August and 32% in September. 
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