"A new crackdown on overseas investors in British Columbia’s residential real estate could easily end up driving that money to other parts of the country, according to reports out Tuesday.
Citing concerns over affordability, B.C. slapped an additional 15 per cent property tax transfer fee on all foreign investors, and entities representing them, for purchases in Metro Vancouver effective Aug. 2.
'With any tax change, there may be some unintended consequences. For one, the move may shift foreign attention to other markets in B.C., such as Victoria, or elsewhere in Canada,' said Michael Dolega, a senior economist with Toronto-Dominion Bank, in a note released Tuesday."