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BC Foreign Buyers Tax Controversy Continues
British Columbia’s Foreign Buyer’s tax continues to be controversial. The Toronto Star is now reporting that the VP of the China Real Estate Industry Association Frank Wu is requesting a meeting with Prime Minster Trudeau to discuss the impact the tax is having on foreign investment in Canadian real estate.
Wu who is a real estate mogul and billionaire wants to make it clear that the tax will divert investment dollars out of British Columbia and perhaps out of Canada altogether.
Will this have too much of a cooling effect on Vancouver’s hot real estate market or is it a necessary step to regaining local control over a housing market that many experts and pundits are calling “overheated.”