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CMHC’s Richard Cho said that foreign investment still represents just a sliver of Calgary’s total residential housing market, even though it has increased from 0.2 to 1.1 per cent in just over a year. Photo by Wil Andruschak/For CREB®Now
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Oct. 14, 2016 | Joel Schlesinger

Goodbye YVR, hello YYC?

Housing officials say foreign investment shift too early to tell; still unwavering on city's potential

Calgary could be the new Vancouver. At least that's what has some real estate observers maintaining more than two months after the B.C. government imposed a 15 per cent land transfer tax on real estate purchases by foreign buyers in the province's most populated city.

Aimed at dampening foreign investment—mostly from mainland China, which has been suspected of pushing up demand and prices in markets such as Vancouver where the benchmark price for a home is close to $1 million – the tax appears to be working.


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