ML-Implode News - Reality of B.C.'s foreign buyers tax begins to bite as realtors report deals collapsing

Now, as a new dawn breaks in Metro Vancouver's real estate market, realty companies and real estate boards are reporting the first anecdotes of deals falling through as foreign buyers forfeited deposits on binding deals rather than pay the new tax. And they report evidence of local buyers withdrawing offers in expectation that the market will soften.
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Not all of the cancelled transactions are directly due to a foreign buyer pulling out, but when they do, it could leave sellers in the lurch and force them to pull out of their own property purchases, creating a contagion effect, he said.

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Reality of B.C.'s foreign buyers tax begins to bite as realtors report deals collapsing