The Urban Development Institute hopes the provincial government has a change of heart, and grandfathers in the new foreign buyers tax, which will go into effect next week.
President of the Urban Development Institute, Anne McMullin, says there are around 30,000 pre-sale contracts for new multi-family homes, which could mean 3,000 foreign buyers will be affected by the new 15% tax.
McMullin is calling on the province to exempt people with existing contracts, fearing some could walk away, and forfeit their down payments.
“If you’re someone whose purchased a single family home for $3 million, and it hasn’t closed yet, that’s a $500,000 bill, so I can’t imagine that those deals will still go through.”
Finance Minister Mike de Jong says there will be no exemptions.