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The Wall Street Journal: Vancouver’s new tax slows foreign property buying to a trickle

Foreign purchases of homes in Canada’s west-coast city of Vancouver, British Columbia, plunged after a new property tax for foreign buyers took effect at the start of last month, according to new data released Thursday by the province of British Columbia.

Sales involving foreigners accounted for about 1% of all Vancouver transactions during the month of August, when the tax was first applied, the province said. During the seven weeks before the tax came into effect, foreigners accounted for around 13% of all Vancouver deals.

An expanded version of this report appears at WSJ.com.

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