Vancouver’s real-estate transfer tax for foreign buyers doesn’t appear to have slowed the market for high-end, high-rise properties.
In May, the Holborn Group said it had hit a new high price for a project in Canada when it sold all 214 luxury condos at its Trump International Hotel and Tower Vancouver at an average of $1,615 per square foot — but now Bosa Properties has claimed the record, with more than 100 of the 116 units at its Cardero development in Coal Harbour pre-selling in the $1,750-per-square-foot range.
It comes just weeks after the B.C. government brought in a new 15-per-cent property transfer tax for non-Canadian buyers of residential real estate in Metro Vancouver in a bid to dampen the hot market.
There appeared to be little concern over the tax at the first pre-sale of new condo units since the levy was introduced. Bosa began marketing its luxury Cardero project, which is slated for completion in late 2019, on Aug. 20.