Quote:
Originally Posted by blankall
The stress test is, in my opinion, not the reason for the market cooling either., nor even a major contributor. Vancouver and Toronto are cooling due to decreased foreign capital inflow. Calgary is cooling due to low oil prices.
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The stress test is a major player in the cooling of Vancouver and the number 1 reason for collapsed sales.
Speculation tax, vacant homes tax, foreign buyer's tax & most of all buyer psychology also all play a part.
The government has basically just added as many taxes as possible to slow down the Vancouver market and most buyers are trying to time the bottom.
But, it's all temporary IMO and people expecting major price corrections or a long term drop won't see it (for most areas and price points).