Foreign buyers eye Victoria properties in wake of Vancouver tax

The Globe and Mail interviewed Thomas Davidoff, a UBC Sauder School of Business professor, about increasing foreign home ownership in Victoria after Vancouver introduced a foreign buyers tax.

“The surge in demand in Vancouver was pushing locals to the island and now when Vancouver cools down there’s less of that,” he said. “But on the other hand, there’s going to be more foreign buyers there. So the interesting question is: What’s the net effect on prices there in Victoria? I suspect it’s close to a wash, but it could go either way.”

Davidoff also spoke to the Vancouver Sun about the likelihood of Vancouver home prices declining in the near future. The story also appeared in The Province.