The industry has its say

by Justin da Rosa05 Aug 2016
We asked our readers what they think about the new 15% tax on foreign buyers in Vancouver. The results are in – and they may surprise you.

It’s the hottest topic in real estate currently, and for good reason – the barrier set up to deter foreigners from purchasing red hot Vancouver real estate could potentially change the landscape of Canadian housing.

Industry players have provided arguments for and against the tax, but we now have a barometer to determine how the industry as a whole feels about it.

Agents responded in droves, and these are the results.

All told, more than 300 real estate agents took part. We asked if Vancouver’s 15% tax on foreigners purchasing real estate was good or bad for that market.

The slight majority – 47% -- said it’s a good thing. The prevailing sentiment among those is that foreigners are inflating Vancouver’s real estate market, and that this barrier will likely help cool the market, and make it easier for citizens – many of whom have been priced out -- to get into the housing market.

However, 44% of respondents said it’s a bad thing.

Arguments against the tax range from the view that it unfairly targets those without a Canadian address or citizenship who want to call Canada home.

Others argue the tax unfairly penalizes foreign buyers who purchased prior – and close after -- the implementation date; even if those homes were pre-bought years ago.

And then there is a smaller camp of agents who are undecided. 9% of voters chose this option, likely due to the fact that the long-term impact will not be known for quite some time.

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