Hard to say what the fallout will be from legislation
A spokesperson with the Vancouver Island Real Estate Board says he’s not expecting much in the way of repercussions from the legislation passed Monday.
Jason Finlayson says, North of Victoria, on the Island, foreign ownership is around one point 8 per cent, that compares to Richmond where it’s 14 per cent….
Finlayson says he has not noticed a lot of foreign buyer activity here, but has noticed young people from Vancouver are selling out and moving here.
On the other side of the coin, Finlayson says seniors, who were hoping their Vancouver house was their nest egg, may be disappointed if prices drop as a result of the legislation.