A new forecast by Central 1 Credit Union predicts B.C.’s hot real estate market will remain robust for the next two years, despite fears a tax on foreign buyers is chilling Metro Vancouver sales.
But market overseers say the trend will even out and benefit other parts of B.C.’s housing market in the short term, with B.C. sellers remaining in a strong position.
Senior economist Bryan Yu said the new foreign buyers tax announced by the provincial government in July and rolled out on Aug.2 will temporarily slow sales in Metro Vancouver by about 10 per cent.
