CBC News interviewed Thomas Davidoff, UBC’s director of the Centre for Urban Economics and Real Estate, for a story on the new foreign-buyer tax.
He said there’s “no question” the tax will decrease foreign demand for Vancouver-area housing.
“I just find it hard to believe people will be willing to pay in large numbers this 15 per cent surcharge,” he said. “Part of what draws foreign money to Vancouver is the feeling that ‘I’m safe here.’ When you start to throw up roadblocks, alternative investments start to be more attractive.”
The story also appeared on Yahoo Finance.