There may be a different way to look at the Vancouver real estate market, according to debt rating agency Fitch.
In their latest on Canadian home prices, Fitch is in accordance with many pundits to express the view that the foreign investor tax will have a dampening effect on Vancouver home prices.
Fitch’s other call, though, is that the factors affecting the Vancouver real estate market may fall more in line with the rest of the Canadian market as you take foreign money out of the equation.
To the debt rating agency, the performance of the local job market could play a bigger role in the supply and demand of real estate, just like the majority of other regional markets in this county.
It has been no secret Vancouver and B.C. have seen solid job growth through 2016, but there is caution around how long this province can outperform the rest of the country and whether it could in turn weigh on housing activity and prices.