B.C. foreign buyer tax won’t make big dent in housing affordability, experts say
VANCOUVER — Experts are expressing doubt a property transfer tax on foreign buyers that takes effect Tuesday will have a significant impact on housing affordability in Metro Vancouver.
The next four to six months will be uncertain until the different players in the market decide how to react to the 15 per cent tax, said Anne McMullin, president of the non-profit industry association Urban Development Institute.
What is more certain, McMullin said, is that the tax is unlikely to improve affordability for average Canadian buyers who are in bidding wars over the stagnant supply of homes in Vancouver.
“The demand isn’t changing,” she said.