Nearly a year ago, the provincial government implemented an additional 15 per cent Property Transfer Tax (PTT) for residential real estate purchases by foreign buyers in the Metro Vancouver region.
BCREA's Economics Department conducted a thorough analysis of the impacts of this policy. The Association created a simulation for the Real Estate Board of Greater Vancouver (REBGV) region, showing where sales would have been if the foreign buyers' PTT had not been implemented.
The result? Over time, the impact has been minor.