Vancouver tax set to scuttle over 400 deals: brokers
Provincial govt's move to cool hot housing market may also face legal challenges
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Toronto
BRITISH Columbia's decision to impose a 15 per cent tax on foreign buyers to cool Vancouver's scorching housing market is poised to derail more than 400 deals worth millions of dollars and may prompt calls for legal action.
At least 427 deals are likely to collapse due to the new measure, according to Dan Morrison, president of the Real Estate Board of Greater Vancouver, citing responses from 27 brokers to an e-mail inquiry. The group didn't calculate the value of those sales, though they would be worth about C$404 million (S$414 million) based on the average purchase by a foreign buyer of C$946,945.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
