Home prices have plunged more than 20 percent in Canada's British Columbia since the local government instituted a new tax on foreign buyers last month. Sales also have fallen by about 85 percent.

The new tax applies to residential property transfers to foreigners in the Greater Vancouver Regional District.

The British Columbia government said the move aims to address high real estate prices and low vacancy rates. The government says the change was designed to make home ownership more accessible to local residents.

Official data shows that 76 percent of the foreign buyers come from the Chinese mainland.