Investor · Winnipeg, Manitoba · Member since 2016 · 92 posts · 40 votes
Hello as everyone knows the new 15% foreign tax has affected Victoria BCs hot prices. Now it has been implemented in Ontario. My questions to everyone is
A) How has it impacted BC homes. Could you discuss in terms of what type of real estate were effected most (For example luxury homes versus single family vs condos vs plexes)
B) Can anyone forecast the BC market in the next 3 and 10 years. I know no one will be exact but does anyone have any insight
C) Will Torontos market be any different or will it follow the same course as BC. I believe it may be more resilient as the epicenter of canada seems to be here.
Any comments is much appreciated in advance. Thanks!
The Toronto and Vancouver markets are very different, although the media would have you believe they aren't.
In terms of the foreign buyers tax, the main difference is that Ontario's version is not retroactive. Also, foreign buyers are eligible to receive a rebate for the tax upon becoming a Canadian citizen - which is the goal for many of them to begin with. The Ontario foreign buyer tax will have a minimal impact, if any at all.