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B.C. speculation tax: Royal LePage report says new real estate levies could hurt consumer confidence

By PATRICK JOHNSTON for Vancouver Sun

A survey of 535 real estate professionals suggests that moves by the B.C. government to crack down on housing speculators will lead to a broader decrease in consumer confidence.

The survey, released by real estate agency Royal LePage, found that 85 per cent of the professionals polled believe “the new tax policies have hurt consumer confidence in residential real estate across the province.”

Additionally, 78 per cent of respondents think home sales will decrease within the next three months (57.3 per cent say prices will also go down in that time period).

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Asked if the new regulation will cool interest from overseas buyers, 77 per cent said it would, but only 11.3 per cent believe those buyers will feel the biggest impact of the new policies; 44.8 per cent of advisers believe B.C. residents will be most affected, while 43.5 per cent think the new taxes will most hurt Canadians from outside B.C. who own or are looking to buy property in the province.

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