It hasn't done anything yet but create un-certainty. Which is affecting the entire market. I doubt there are many locals lining up to urgently buy real-estate right now.
That in itself will be enough for some people but the fact that the tax was implemented on public opinion vs. hard facts and numbers is an issue in my eyes.
While I don't believe the 5% numbers the govt. released; If that, or even double that was the extent of the problem they should have been looking at domestic measures to sort out the affordability issue. But that doesn't win votes.
Crashing the market is bad for everyone in Vancouver. Unless you have a bunch of cash and don't need to work for 5+ years.
If the market drops 20% but you live in China and don't give a toss about the economy for while. Do you think a 15% tax will slow any foreign investment?
NO, I think it would be the cost of doing business cuz thats what Vancover is for the millions of chinese millionaires just a safe place to park money cuz if you look at what has happened in the world in the last 10 years (stocks/money/global instability)Vangroovy RE is certainly a safer investment than almost anything I can think of?
We read about people who were actualy working here budgeting/putting down deposits pulling out of deals cuz they didn't have the money, the next wave will put that 15% in the budget OR invest in Toronto?
also its like a poker game everybody is looking at their cards looking at the rest of the table, do they get in the game or fold or what?
both the provincial and the fed gov have turned a blind eye and even promoted foreign ownership for 15 years so who knows what the real figures are?
crashing market will be bad for anybody who needs to sell like a job move a failing marriage and the # 1 reason most marriages fail …money
we still gotta dump that condo, we were intitialy hoping to see [HTML_REMOVED]400k but sis is now saying [HTML_REMOVED]400, a 55+ building in white rock is not the same playing field as Yaletown so we will see and I will keep y'all posted