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With the introduction of the B.C.’s foreign buyer tax, Canada’s two hottest housing markets now appear to be on diverging paths. (Getty Images/iStockphoto)
With the introduction of the B.C.’s foreign buyer tax, Canada’s two hottest housing markets now appear to be on diverging paths. (Getty Images/iStockphoto)

Foreign-buyer tax to spur Vancouver housing correction, TD warns Add to ...

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Vancouver house prices could drop 10 per cent by the end of next year, as the introduction of a new tax on foreign buyers helps speed up a market correction, Toronto-Dominion Bank economists warned in a new report.

House sales in the Vancouver region will fall 3 per cent this year and more than 22 per cent next year, wrote TD economists Derek Burleton and Diana Petramala.

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