There is much controversy around the new tax on real estate purchased by foreign buyers in Metro Vancouver. There is widespread public support based on the notion that it will make real estate more accessible and affordable to middle class Vancouver residents. There is also much skepticism over the reality of it actually having any positive impact in that regard.
The implementation and imposition of the tax on existing sales agreements that had not yet completed has reportedly directly compromised more than 400 transactions where the purchasers are finding themselves now short of funds and unable to close. This in turn leads to a domino effect of those home sellers having already committed to new purchases also being unable to complete. We will most
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