Vancouver Sun: Plunge in foreign buyers leaves onlookers guessing

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September 22, 2016 | Joanne Lee-Young

Quoted from the article:

“I was astounded by the $800 million figure (amount of deals closed on July 29),” said NDP housing critic David Eby. “I think everybody knew there was a rush at the land title office, but the scope of the rush should have the people who were claiming that international buyers are only three to five per cent of the market hanging their heads in shame, because clearly there is an issue here.”

The total value of purchases by foreigners plunged from $2.1 billion in the June 10 to Aug. 1 period, to $17 million since the tax was introduced – meaning the province had reaped just $2.5 million in property transfer tax by the end of August.

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