Is it a mistake to offer exemptions from the Vancouver foreign buyer tax to home purchasers with Canadian work permits?
Almost as soon as BC Premier Christy Clark announced the plan at the Vancouver Chinatown Lunar New Year parade last week, newly graduated foreign students – who are entitled to post-graduation work permits lasting up to three years – were eagerly eyeing the proposal.
“I’ve just graduated and got a work permit. Can I buy a property with a loan? How much can I borrow?,” asked one reader of WuBianVision, a popular Chinese-language real estate blogger on the WeChat platform.
“I recently graduated and got a work permit. Can I buy a property now?” asked another last week.
Are these presumably foreign-funded buyers the folk that Clark now wants back in the Vancouver real estate market, which has seen sales nose-dive 40 per cent in the wake of the tax?