What the 15-percent foreign buyer tax has done for Canadian (and American) real estate

  • In August, British Columbia implemented a 15-percent sales tax on foreign buyers of real estate; the move immediately dampened the high-end market, but demand for mid-tier and lower-tier homes remained high.
  • Now, Toronto is also implementing a 15-percent foreign buyer tax, and a petition is circulating in Seattle to do the same.

In August 2016, anyone from a country other than Canada who was closing on a house in Vancouver (or elsewhere in British Columbia) was slapped with significant sticker shock when the government unveiled a 15-percent tax on real estate sales to foreign buyers.