August 3, 2016

Vancouver real estate deals collapsing with new foreign buyers tax

"Now, as a new dawn breaks in Metro Vancouver’s real estate market, realty companies and real estate boards are reporting the first anecdotes of deals falling through as foreign buyers forfeited deposits on binding deals rather than pay the new tax. And they report evidence of local buyers withdrawing offers in expectation that the market will soften."

"Rob Philipp, CEO of the Fraser Valley Real Estate Board, said collapsed deals are “100 per cent happening.”"

“There’s a domino effect here. One deal collapses, there’s so many other deals impacted by that,” Philipp said.