Foreign purchasers buy 3% of residential properties in October in Metro Vancouver
Foreign purchasers were involved in 3% of Metro Vancouver residential real estate transactions in October, a rate equal to the provincial average for that month, according to the latest real estate transaction data released by B.C. government.
About 140 residential property transfers valued at $115 million involved foreign nationals in Metro Vancouver during October, from a total of about 4,700 transfers valued at $3.6 billion. The 3% rate of foreign purchase is higher than September’s 1.8% rate, but still significantly below the 13.2% rate of foreign investment seen in Metro Vancouver before the Province implemented the additional property transfer tax.
In the rest of the province, foreign nationals were involved in 189 residential property transactions, representing about 2.9% of all transactions. Transactions involving foreign nationals in the rest of the province totalled $129 million.
Other statistics include:
-In Vancouver, about 2.5% of transactions involved foreign nationals, representing about 2.8% of the value.
-In Surrey, about 1% of all residential transactions involved foreign nationals in October, compared to about 1% in September. In both months, investment from foreign nationals represented about 1% of the total value of all transactions.
-Richmond saw a small, month-over-month increase in the rate and volume of foreign investment. Foreign nationals were involved in 6.7% of all residential transactions, representing 7.2% of the total value.
-Burnaby saw about 5.9% of transactions (18 of 307) involving foreign nationals in October, representing 4.5% of the value of all transactions.
-The Capital Regional District, where the additional property transfer tax does not apply, saw about 6.3% of transactions (55 out of 879), representing 10.3% of the value of all transactions. Government continues to monitor this data closely.
Source: B.C. government