The measure is intended to cool the country’s housing market, which has some of the highest home prices in the developed world.
However, foreign buyers are not responsible for increased prices in Victoria’s housing market, said real estate board president Karen Dinnie-Smith.
Provincial measures relating to housing demand – including taxes on foreign buyers, speculators, vacant properties and property purchases – have attempted to stifle interest in Victoria’s limited housing supply similar to the new ban.
Dinnie-Smith said residents of Victoria can be pleased with the level of attention paid to housing in Thursday’s federal announcement.