Foreign Buyers and the prevailing political winds

Those that are active in the BC real estate market know that different levels of government have put in policies to slow demand over the years. Many of which were put in place when the market was roaring. However, the market has turned and liquidity has dried up in certain areas of the market – condos specifically.
Earlier this week we read this article from the Vancouver Sun (https://vancouversun.com/news/bc-foreign-buyer-restrictions-investment-real-estate-pros-cons) which touches on these Government policies (namely, the Foreign Buyer Ban and the Speculation and Vacancy Tax). It then discusses possible policy changes that would allow more capital to come back to the market, by highlighting industry voices and surveys of average Canadians.
We’ll stay out of the political discourse– but it is nice to read that possible solutions are being floated and we are acknowledging that our market is burdened by a lot of regulatory oversight.
If you’ve made it this far and have any questions about the various bans, taxes and regulations around residential real estate, feel free to reach out.
As always, thank you for the support

Tony Spagnuolo

Spagnuolo & Company Lawyers
#300-906 Roderick Avenue
Coquitlam, BC V3K 1R1
604-527-4242
realestate@spagslaw.ca