Foreign investment accounted for about 10 per cent of Vancouver real estate transactions over a five-week span, according to data released Tuesday by the British Columbia government.
Of the $8.8 billion-plus in Metro Vancouver real estate transactions collected between June 10 and July 14, more than $885 million came from foreign purchases, according to the report.
Vancouver purchases accounted for 73.3 per cent of all foreign real estate transactions in B.C. over that time frame.
The latest data on foreign investment comes a day after B.C. Finance Minister Mike de Jong announced a new 15 per cent property transfer tax on foreign nationals purchasing real estate in Metro Vancouver. That additional tax is set to take effect on Aug. 2.