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An excavator digs at a condominium construction site on what used to be a neighborhood of single family homes in Toronto. (Chris Helgren/Reuters)
An excavator digs at a condominium construction site on what used to be a neighborhood of single family homes in Toronto. (Chris Helgren/Reuters)

Vancouver foreign buyer tax could prompt ‘mild’ ripples in other markets Add to ...

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British Columbia’s new tax on foreign buyers in the Vancouver region will have mild ripple effects in other Canadian markets, with Calgary and Toronto positioned to attract some non-resident purchasers, says the head of real-estate firm Royal LePage.

“When people are talking about residential real estate, location is what they are buying first,” Phil Soper said in an interview Wednesday. “There is likely a small percentage of foreign investors who are dumping money into property in Canada strictly as an investment, but I believe they represent a tiny portion of the total foreign buyers in this country. Most of it is still tied to a desire to live in a particular place.”

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