Reports from the Vancouver Sun have disclosed that the Fraser Valley Real Estate Board has urged an appeal against the 15% taxation placed on foreigners looking to buy homes in the Metro Vancouver area.
The Fraser Valley Real Estate Board covers many municipalities in Metro Vancouver including White Rock, Surrey as well as North Delta and it claims that the tax has been the reason why many deals made in the region are collapsing.
An e-mail dated August 16th 2016 was apparently sent by the president of the Fraser Valley Real Estate Board, stating that the tax has hurt clients in the region by causing an “unfair ripple effect” which has affected members of the public.
The board president, Charles Wiebe, also lamented in an interview:
“The government needs to look at it again, and change it,” he said. “There are still deals coming forward that may collapse because of this.”
The Fraser Valley Real Estate Board is urging all 3000 members to write to Members of Legislative Assembly to pressure the provincial government into withdrawing the tax.
“It’s not uncommon for governments to amend legislation after the fact, but they’ll only do so with sufficient pressure and proof of impact,” stated Wiebe in the e-mail.
Although The Fraser Valley Board has admitted that the specific number of deals that have broken down as a result of the tax is unknown, The Greater Vancouver Real Estate Board has made contrasting claims, stating that since the tax’s initiation, only about one to three deals are liable to collapse whilst the Board records an average of 150-200 sales every day.