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In the Vancouver area, there was a steep drop in real estate transactions after the tax took effect.
The data reveals the number of property transfers in Metro Vancouver went from a high of 1,974 just prior to the introduction of the foreign buyers tax to a low of 60 in the weeks after the tax. The number started to move upwards last November, hitting 204 property transfers involving foreign nationals.
The Real Estate Board of Greater Vancouver reported a roller-coaster year in 2016, with record sales in the spring, but ending the year with a 5.6-per-cent drop compared with 2015. |
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