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Originally Posted by snootchiebootchies
Folks on this forum makes it sound like Vancouver is the only game in town for real estate. I just don't see foreign nationals clamouring to commit fraud to evade these rules just for the privilege of buying homes with a 15% surtax plus whatever other potential tax remedies that may be implemented in the future. These rich foreign nationals are not impulsive idiots -- in fact, they likely got rich by not being impulsive idiots. I'm pretty sure they will now take a breath and look for other real estate markets (or other types of investments) that are more friendly to their cash.
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The island is the next obvious stop if they're still wanting to buy in BC. The market here has been heating up as well. Obviously it's not as bad as Vancouver but houses in Victoria and Oak Bay are already out of reach for the average person here. I don't know why they just didn't slap the tax on all the notable spots where this is already or will shortly be a problem.
EDIT: Take a look at this. Again, not sustainable in the longterm.
http://www.vreb.org/current-statistics
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The Multiple Listing ServiceŽ Home Price Index benchmark value for a single family home in the Victoria Core in June, 2015 was $594,700. The benchmark value for the same home in June 2016 has increased by 21.9 per cent to $724,900.
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