Jordan Teperman our EVP, spoke with CTV regarding the increased tax in Vancouver’s real-estate market. Recently the B.C government placed a 15% tax on any foreign purchasers in the Vancouver area. This increased tax is causing buyers to look elsewhere for real estate. Jordan Teperman believes this recent tax increase will propel real-estate sales in the Toronto real estate;
“The taxes are going to be only better for Toronto’s housing market as the market for the west comes over and creates further demand”
With SIX25BV already 85% sold out in only 4 months of sales, the sales are comprised of “60% of buyers are from outside of Ontario. Other provinces, the United States and some from over seas”.
Vancouver’s increased tax may deter foreign investors in Vancouver but will likely drive sales in Toronto.
Be sure to watch the full interview HERE.