B.C. Real Estate In ‘Absolute Mayhem’ Amid Talk Of Sales Collapse|The Huffington Post Canada

Greater Vancouver’s real estate market is in the throes of chaos as buyers, sellers and industry insiders try to adapt to a new tax on foreign buyers that went into effect on Tuesday.

Though a recent poll showed nine out of 10 British Columbians back a tax on foreign buyers of residential real estate, many industry insiders and entrepreneurs are lining up against it, saying it risks destabilizing the housing market and Vancouver’s economy.

The tax has even taken on shades of a political controversy, as a prominent Vancouver real estate marketer and provincial Liberal fundraising chief denies he knew in advance the tax was coming.

B.C. Real Estate In Absolute Mayhem Amid Talk Of Sales Collapse

Vancouver realtor Steve Saretsky told Global News his analysis of MLS data found that detached home sales collapsed by 75 per cent in the few weeks after the provincial government announced it was introducing a 15-per-cent sales tax on foreign buyers of residential real estate in Greater Vancouver.

Saretsky described the market as being in “absolute mayhem.” But other realtors told media it is too soon to tell what the precise impact will be on the housing market.

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