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Vancouver Real Estate

Hong Kong had the exact same problem Vancouver is facing in regards to unaffordable real estate. Their solution was to implement a 15% tax on real estate purchased by foreign buyers and if the property is sold in less than 5 years the Seller has to pay an addition "exit" tax. That stopped the easy money flow into Hong Kong and reduced the rapid real estate increases.

 

I hate to tell the Canadian government - the issue is not a few "bad egg" realtors in Vancouver causing the problem. The flood of opulent money coming in with little to no monitoring or restrictions is the real issue.

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Alexandra Axsen
Lake Okanagan Realty Ltd.
Managing Broker
Tel: (250) 870-2792
Email: Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com

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