(Bloomberg) -- (Corrects currency in headline and bullet points.)
*Foreign buyers accounted for 12% of C$20.6 billion ($15.8 billion) of residential real estate purchases in Metro Vancouver between June 10 and Aug. 31, British Columbia Ministry of Finance says in statement. * Foreign investment accounted for 8.8% of C$31 billion of residential property transactions across B.C. province in same period * B.C. has raised C$2.5 million in revenue from new tax on foreign buyers which took effect Aug. 2 * After tax, foreign investment plunged to less than 1% of total Metro Vancouver transaction * Ministry is auditing transactions for tax evasion and to check citizenship and permanent residency declarations by buyers * NOTE: Vancouver Wields Foreigner Home Tax After $1 Billion Inflow
To contact the reporter on this story: Natalie Obiko Pearson in Vancouver at npearson7@bloomberg.net.
To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Jacqueline Thorpe
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
