Premier Christy Clark says it’s too early to tell if the recently introduced foreign buyers tax is working, but she says this is only the beginning.
“We know there is more we need to do, we need to make it easier for first-time home buyers to get into the market, and that’s not just about price.”
Clark says the government can’t focus only on demand, saying they will need to address supply moving forward.
But she says the tax was a step in the right direction.
“When I see the new numbers and they tell us that we’ve slowed down the rate increase or he price increase for housing I say good, because that’s what we were trying to do… The prices were going up way too fast, and if we have helped slow that down that’s good, I think that’s what British Columbians were counting on us to do.”
This comes after the Real Estate Board of Greater Vancouver saw home sales drop by 26 per cent this August compared to last year.