Foreign Buyers Flee B.C.’s Market

As the government of Metro Vancouver has proceeded to impose the 15 percent tax imposed on any purchase of foreign homes will cause the real estate market to cool down from its heat, Toronto will have to pay a price for this.

According to analysts, they predict that most investors from outside Canada will prefer to have their money invested in Toronto or switch their money to other markets, rather than pay the extra fee in British Columbia.

The senior economist for Toronto-Dominion, Michael Dolega said on Tuesday that before the new policy was made known to the public, they had an assumption that the investors from outside Canada were already making a move and settling for a far more affordable Toronto market.

For this reason, the prices in Toronto are likely to go through an upsurge in the months to come as foreigners are showing great interest in these latest markets. Rumour has it that Ontario will also impose the same tax recently taken by British Columbia, in order to have the high-rise demand from the foreign investors from other countries lowered down and staved off.

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