Quote:
Originally Posted by cairnstone
I like this article as it confirms what I have been saying for a while. Our immigration is not mainly asian as people believe. And the foreign buyers tax is hurting the housing market as it prevents foreign nationals from investing in the multifamily market. Several projects have stalled out do to not hitting presale limits. If the presale is not hit the lower rate housing is not built attached to the permit. The surcharge on foreign buyers may be a good thing in single family houses but has a reverse effect on multifamily.
|
The FBT absolutely does not prevent foreign players from investing in the multifamily market. They're more than welcome to build a rental apartment building with no extra taxes, just the same that apply to local builders.