There has been a lot of speculation about the impact of foreign property ownership on real estate prices over the past couple of years. In joint research from Canada Mortgage and Housing Corporation (CMHC) and Statistics Canada, we can finally see some numbers and what they mean for our local housing market.
As we previously wrote, the B.C. government has considered changes to the additional tax on foreign home buyers in Vancouver in order to remain attractive to prospective employees. On March 17, the province confirmed the scope of their changes.