An analysis this week by TD Economics suggested the Liberals’ one per cent foreign owners’ tax is “unlikely to significantly dent current activity” in the market because foreign demand has already cooled in B.C. What is driving the current frenzy in sales and prices is driven to a large extent by domestic buyers, the analysis said.
Singh sought to address another market pressure point, calling for a crackdown on money laundering in real estate. Black-market profits funnelled through land purchases have been “directly attributed to driving up the cost of housing,” he noted.