However, with prices already falling the policy could appear to be a win for the federal Liberals
However, with rising interest rates already dampening the residential real estate market, it could end up looking like a win for the federal Liberal government.
Somerville said B.C. already has a 20 per cent foreign-buyers tax and a speculation and vacancy tax that has dampened foreign demand — while prices in some suburbs have grown by 50 per cent over the past two years. “The rich will find a way to be rich. If I really want to be able to buy a property somewhere I don’t want to live, I’m sure I can find a student buyer for it. There will always be loopholes,” Somerville said.
“I wouldn’t be surprised if this ban comes in and the market starts to drop and the public perception will be that the policy worked,” Saretsky said. “That will look like a ‘W’ for the Liberal government, but the market is already slowing. The timing of the policy is going to be brilliant for political gain, but mortgage rates will do all the policy work for them.”Article content
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