"The countryâs strongest economy, British Columbia, shed 9,300 positions, mostly in the services-producing sector. The losses come after the provincial government imposed a tax on foreign housing buyers in an attempt to thwart real estate speculators and cool the housing market. Although the tax has curbed housing sales, it is unknown whether the slowdown was responsible for Novemberâs losses or if it would lead to further declines."
Ok, so job losses 1: affordability 0.
Careful what we ask for, right?
1) Anyone here know someone who can suddenly get into the market now that there's this tax?
2) Anyone here know someone who works in housing construction, real estate or related services that has lost their job or has less work?
If we're only saying 'yes' to #2..what's been achieved here?
This tax is feeling like a Populist measure, akin to claiming of putting mfgr jobs back in the Rust Belt states.
Time will judge this move. We've already judged decision makers for not doing it sooner. So the question becomes: is it better late than never, or meaningless for the well-being of those not directly-exposed to this tax?
Full article here: http://www.theglobeandmail.com/report-on-business/economy/jobs/canadian-employment-report/article33132064/