The foreign buyers who are interested in buying houses in Holborn Properties’ Trump Tower in Vancouver might end up backing out due to the recent 15 percent tax meant for foreign buyers that was introduced.
Based on what the developer said, only a few foreign buyers might opt out. However, there is a huge concern that the deal might not be settled because of the rising cost. The CEO of the Holborn Properties, Kim Tiah said that the company is going to do their best to try and save up extra cash to help some buyers in paying the 15 percent tax.
Even though it’s been a big problem for Holborn in dealing with the issue which has created a dilemma, the CEO told a news reporting site that they know very well that the impact of the tax will not be for long.
He said: “I don’t think the 15 per cent, in general, will hurt the market going forward in the long term, but the retroactive nature of it is very unfair. Immigrants come here because they like the certainty, they like order. You can’t change the rules or the goal posts all of a sudden.”