A Sunshine Coast realtor is surprised the community isn’t on the list of those that will have to implement a foreign buyers tax.
The province announced on budget day it was going to expand the foreign buyer property tax to the Fraser Valley, Nanaimo and Okanagan regions.
In addition, the tax was going to be increased from 15 per cent to 20 per cent.
Tony Browton believes this will have both positive and negative effects on the local community.
Browton notes the negatives that could come with the announcement is mostly for people who are looking to buy locally.
He adds if you choose to wait, the average price of a home could go up by as much as $200 thousand within a year.
President of the Vancouver Island Real Estate Board, who is also from Nanaimo, Janice Stromar says she wasn’t surprised at the announcement….
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Stromar says in the Nanaimo region, there are so few foreign buyers, even if they move out of the tax zone, it shouldn’t negatively impact other communities.
