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.

The launch coincided with heated debate about what the immediate and long-term impact of the foreign buyer tax might be on blistering home prices. There have been some initial signs of a significant slow down in the percentage of sales in some Metro areas compared to last year, along with examples of price cutting.

To read the complete article click here.

Credit The Vancouver Sun