{"id":7399,"date":"2017-11-21T10:10:09","date_gmt":"2017-11-21T18:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7399"},"modified":"2017-11-04T11:12:06","modified_gmt":"2017-11-04T18:12:06","slug":"foreign-nationals-continue-to-flock-to-vancouvers-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/foreign-nationals-continue-to-flock-to-vancouvers-homes\/","title":{"rendered":"Foreign Nationals Continue to flock to Vancouver&#8217;s Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">According to the latest property transfer data released by the British Columbia government, the proportion of sales involving foreign nationals in Metro Vancouver inched up between April and September.<\/p>\n<p style=\"text-align: justify;\">The data showed that 5% of the 6,105 property transfers in September involved foreign nationals, up from 2.5% in April.<\/p>\n<p style=\"text-align: justify;\">This remained far below the percentage of foreign nationals buying homes before the former Liberal government implemented a 15% foreign buyers\u2019 tax in August 2016 in an effort to cool the hot housing market, The Canadian Press reported.<\/p>\n<p style=\"text-align: justify;\">The BC Finance Ministry previously reported that from June 10 to August 1, 2016, 13.2% of all property transfer transactions in Metro Vancouver involved foreign buyers.<\/p>\n<p style=\"text-align: justify;\">Despite attempts to improve housing affordability, the Real Estate Board of Greater Vancouver said in August this year that the typical price of a home in Metro Vancouver had surpassed $1 million.<\/p>\n<p style=\"text-align: justify;\">The New Democrat government has said that it is reviewing transaction data along with the foreign buyers\u2019 tax and an interest-free loan program for first-time homebuyers in an effort to decide whether such measures should be kept, revised, or scrapped altogether.<\/p>\n<p style=\"text-align: justify;\">Among municipalities, Richmond saw the highest rate of foreign buyers between April and September this year at 8%, while foreign buyers accounted for 4.3% of sales in both the city of Victoria and the surrounding Capital Regional District.<\/p>\n<p style=\"text-align: justify;\">The tax only applies residential real estate in Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">There were a total 84,139 property transfers in BC between April 1 and September 30. Foreign nationals were involved in 2.8% of those transfers, representing more than $2 billion.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/foreign-nationals-continue-to-flock-to-vancouvers-homes-233388.aspx\" target=\"_blank\" rel=\"noopener\">Foreign Nationals Continue to flock to Vancouver&#8217;s Homes<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the latest property transfer data released by the British Columbia government, the proportion of sales involving foreign nationals in Metro Vancouver inched up between April and September. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/foreign-nationals-continue-to-flock-to-vancouvers-homes\/\">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-7399","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreign Nationals Continue to flock to Vancouver&#039;s Homes &#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\/2017\/11\/foreign-nationals-continue-to-flock-to-vancouvers-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Foreign Nationals Continue to flock to Vancouver&#039;s Homes &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"According to the latest property transfer data released by the British Columbia government, the proportion of sales involving foreign nationals in Metro Vancouver inched up between April and September. 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