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Where does this one veteran forecast a correction?

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Canadian Realestate Magazine | 17 Oct 2016, 08:15 AM Agree 0
How will the new mortgage rules impact various markets? One veteran, who has been on the front lines for various market ups and downs, weighs in
  • WP- Realtor | 17 Oct 2016, 12:04 PM Agree 0
    Soper- "You can see the tax on foreign investment or the new federal regulations haven’t changed things dramatically"..

    Seriously!...Has Mr. Soper seen latest market stats for Vancouvers lower mainland?

    Dear REW, perhaps someone should talk with realtors in the trenches that work with foreign buyers ever so often.

    Let me be VERY VERY clear that my foreign buyers are 'on hold' until things settle with this new tax and now add to the mix Vancouvers latest money grab 'empty homes tax' and an investment in Vancouver is even less attractive!

    Some of these comments seem as rigged as the US. election...ha ha.
  • Cal | 17 Oct 2016, 01:24 PM Agree 0
    Unfortunately Phil's comment that the tax on Foreign investment has not had a dramatic effect certainly does not apply to West Vancouver. The tax has had a very dramatic effect here! in fact, the government has slammed the door on buying in the West Vancouver detached market. Since the tax was implemented, August detached sales are down 76%, September is down 72% and October detached sales off a whopping 94% ( Oct. 1-17 this year compared to the same period in 2015). The same dramatic effect is being seen on the West Side of Vancouver and Richmond, areas where Offshore Buyers represented a very high percentage of every sale over the last 5 years.

    Had the government asked the agents in these areas what effect a 15% tax on Foreign buyers would have we would have predicted exactly what we are seeing.
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