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The new foreign buyer tax: A game changer, but full impacts tbd

Blog by Robert Matthews | August 13th, 2016

There's been much debate and discussion these past couple of weeks about the new foreign buyer tax. At this point it's hard to gauge how it's all going to play out. Realistically we'll need to wait and see. Many inter-related variables are at play, and I can’t see how anyone can gauge the tax's full impact at this early stage.

Rather than simply speculate at this point, I'd prefer to take a look at the data as we settle into the new reality. Generally speaking, however, I must say that the risk of prices falling for some time in many areas outweighs the likelihood of continued price increases.

We are "traditionally" entering one of the busiest times of the year for real estate sales. Whether this fall sees a mad rush to sell and/or buyers waiting on the sidelines, listing your home sooner rather than later may be prudent. If you're thinking of moving, we should talk.

I'll have more analysis as the data flows in.