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Luxury-Home Sales in Vancouver Plunge by 50% on Foreign-Buyer Surcharge

• By Katia Dmitrieva

Meanwhile, high-end sales in Toronto surged.

Transactions in Vancouver of at least C$1 million ($759,000) slid 65 percent from a year earlier to 95 units in August, the month that a 15 percent transfer tax on deals by non-Canadian homebuyers took effect, according to Sotheby's International Realty Canada. At the same time, luxury-home sales in Toronto and its suburbs doubled to 1,459 units, the high-end brokerage said.

The housing markets in Toronto and Vancouver are heading in separate directions after at least a decade of similar growth. Vancouver's tax, which took effect Aug. 2, was implemented by the British Columbia government to cool prices in the city after they doubled in the past 10 years.

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