British Columbia’s decision to impose a 15 percent tax on foreign buyers to cool Vancouver’s scorching housing market is poised to derail more than 400 deals worth millions of dollars and may prompt calls for legal action.
The real estate tax is starting to “bite” in Vancouver. This article from the Australian Financial Review Magazine looks at the problems that have arisen since the imposition of the tax. I remember a saying that we used to hear when I worked on a trading floor:
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
Pay attention to who one of the people complaining is. Elton Ash, Western Canada regional executive vice-president for Re/Max Holdings.
Give me a break!