B.C. Real Estate In ‘Absolute Mayhem’ Amid Talk Of Sales Collapse|The Huffington Post Canada
Greater Vancouver’s real estate market is in the throes of chaos as buyers, sellers and industry insiders try to adapt to a new tax on foreign buyers that went into effect on Tuesday.
Though a recent poll showed nine out of 10 British Columbians back a tax on foreign buyers of residential real estate, many industry insiders and entrepreneurs are lining up against it, saying it risks destabilizing the housing market and Vancouver’s economy.
The tax has even taken on shades of a political controversy, as a prominent Vancouver real estate marketer and provincial Liberal fundraising chief denies he knew in advance the tax was coming.
Saretsky described the market as being in “absolute mayhem.” But other realtors told media it is too soon to tell what the precise impact will be on the housing market.
