Unless you’ve been under a rock for the past few months, you will know that Vancouver has introduced a 15% Sales Tax to foreign investors buying property. There are so many things I can talk about regarding this development. I see this as another quick money grab for the government and corruption among politicians, but I’m going to save my rant for another day.

The question investors and home owners in Toronto want to know is, what will this do to prices in Toronto?

So here goes my predictions for what will transpire over the next few months in Canada.

1. Prices will drop dramatically for a few months in Vancouver, then finally rebound after a few more months.

2. Toronto Prices will go up significantly more in the coming months that this tax is introduced.

3. Toronto will copy this model of tax to cool the market here after a 6-12 period. First they will wait to see what this experiment will do to the Vancouver market.

4. This is already happening, but investors will drop their deposits and investments because of the tax.

5. Vancouver will drop the tax to a more reasonable rate after a while of stunted growth.

While I believe that the tax will hurt the Vancouver market, investors will start to find loop holes after a while and this tax will not be a big deal, like the Toronto Land Transfer tax.

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