Slapping another 15-per-cent sales tax on homes to foreign buyers could cool the red-hot real estate market in higher priced areas of Richmond or Vancouver, but it might take longer to learn of any effect in Maple Ridge and Pitt Meadows.
The announcement by the B.C. government last week saw a rush to complete deals by the Aug. 2 deadline, but Tom Garvey, managing broker with Macdonald Realty, says it will be at least a month before the full effect of the tax is known in Maple Ridge.
“There’s not a huge amount of foreign buyers who are coming out to Maple Ridge,” said Garvey, who said he hasn’t noticed any effect so far in the local market.
But it’s early yet and time will tell.
“Let’s see what happens over the next two to four weeks.”