Luxury-Home Sales in Vancouver Plunge on Foreign-Buyer SurchargeBy
Deals at C$1 million or more fell 65% in August, broker says
Sotheby’s says Toronto and Montreal will benefit from slowdown
A tax on foreign homebuyers in Vancouver cut luxury purchases in Canada’s priciest housing market by more than half last month, according to a brokerage report. Meanwhile, high-end sales in Toronto surged.
Transactions in Vancouver of at least C$1 million ($759,000) slid 65 percent from a year earlier to 95 units in August, the month that a 15 percent transfer tax on deals by non-Canadian homebuyers took effect, according to Sotheby’s International Realty Canada. At the same time, luxury-home sales in Toronto and its suburbs doubled to 1,459 units, the high-end brokerage said…
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