{"id":2954,"date":"2016-08-09T10:10:26","date_gmt":"2016-08-09T17:10:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2954"},"modified":"2016-08-08T08:58:30","modified_gmt":"2016-08-08T15:58:30","slug":"is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/","title":{"rendered":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s been days since a 15% tax came into effect for foreigners purchasing residential properties in Metro Vancouver, and reactions from those affected have been decidedly mixed. While some have hailed the tax as a long-overdue solution to soaring home prices in the region, others believe it will only introduce new issues.<\/p>\n<p style=\"text-align: justify;\">Vancouver realtor Steve Saretsky believes the tax could prove problematic. As he explains in an August 2nd blog post, the week leading up to the tax\u2019s start date was \u201ca painfully slow week for the real estate market\u201d \u2014 just 17 detached homes were sold across Richmond, Burnaby, Vancouver West and Vancouver East, down from 60 the week before and 113 the week before that.<\/p>\n<p style=\"text-align: justify;\">The story was similar for attached homes, with 126 being sold the week before the tax was introduced. That\u2019s down from 272 two weeks prior and 306 three weeks prior.<\/p>\n<p style=\"text-align: justify;\">Those declines certainly look dire, especially when taken in conjunction with new Metro Vancouver home sales data released this week by the Real Estate Board of Greater Vancouver (REBGV). It shows that just 3,226 homes were sold in the region in July \u2014 while that\u2019s 6.5% above the 10-year average for the month, it\u2019s a drop of 26.7% from June, and a year-over-year decline of 18.9%.<\/p>\n<p style=\"text-align: justify;\">But not everyone believes it\u2019s time to panic. In a press release accompanying this week\u2019s data, REBGV President Dan Morrison emphasized that home sales activity in Metro Vancouver actually \u201cshowed some moderating signs in late June.\u201d And in comments to Global News on Saretsky\u2019s numbers, Tsur Somerville, director of the UBC Centre for Urban Economics and Real Estate, encouraged market watchers not to jump to conclusions too quickly.<\/p>\n<p style=\"text-align: justify;\">\u201c[It] seems a bit high to blame on a tax that is only targeting a specific sector of the market,\u201d he said, adding that comparing data for the three months leading up to the tax and the three months after could offer a better perspective.<\/p>\n<p style=\"text-align: justify;\">Douglas Porter, chief economist at BMO, has also cautioned against drawing negative conclusions from early data on Metro Vancouver home sales. Speaking to the Financial Post, he explained that the huge number of property transfer applications filed in the days leading up to the tax \u201cwill make July\u2019s data almost impossible to reconcile or analyze. We\u2019ll have to look at July and August or combined. Maybe even September.\u201d<\/p>\n<p style=\"text-align: justify;\">Porter offers a more extensive response to arguments against the tax in a note released late last month. In it, he provides counterpoints to a number of the main criticisms of the tax, including the idea that it\u2019s not needed \u2014 in his opinion, it\u2019s long overdue, to the point that \u201cthis is a market that cries out for government intervention of some sort.\u201d He also emphasizes that while the tax is by no means a perfect solution, it\u2019s \u201can entirely reasonable step in the right direction.\u201d<\/p>\n<p style=\"text-align: justify;\">Whether that turns out to be true remains to be seen \u2014 for now it\u2019s clear that more time is needed before conclusions are made about the tax.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/08\/metro-vancouvers-foreign-buyers-tax-home-sales.html\" target=\"_blank\">Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?<\/a> by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been days since a 15% tax came into effect for foreigners purchasing residential properties in Metro Vancouver, and reactions from those affected have been decidedly mixed. While some have &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2954","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s been days since a 15% tax came into effect for foreigners purchasing residential properties in Metro Vancouver, and reactions from those affected have been decidedly mixed. While some have &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?\",\"datePublished\":\"2016-08-09T17:10:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/\"},\"wordCount\":536,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/\",\"name\":\"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-08-09T17:10:26+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/","twitter_card":"summary_large_image","twitter_title":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"It\u2019s been days since a 15% tax came into effect for foreigners purchasing residential properties in Metro Vancouver, and reactions from those affected have been decidedly mixed. While some have &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?","datePublished":"2016-08-09T17:10:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/"},"wordCount":536,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/","name":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales? &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-08-09T17:10:26+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/08\/is-metro-vancouvers-foreign-buyers-tax-already-curbing-home-sales\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Is Metro Vancouver\u2019s Foreign Buyers Tax Already Curbing Home Sales?"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/2954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=2954"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/2954\/revisions"}],"predecessor-version":[{"id":2956,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/2954\/revisions\/2956"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=2954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=2954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=2954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}