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RE: Travel blog :: ⛵ Coal Harbour, Vancouver (AKA, Millionaire land)
That's the thing, I don't think people can afford it anymore. It's sort of become an investment vehicle for the world's wealthy. They've added a 15% foreign buyer tax, but that hasn't stopped the prices from continuing to rise. I think I read last year that the real estate prices of Vancouver rose more than the average person's yearly salary in just one year.
It is still too early to see any substantial (if any) impact of the new tax. As far as I've heard it did reduce the foreign investment a bit but not as much as in the first month they introduced it. Time will tell, it for sure couldn't go much longer the way it did!
I can agree with that. Time will definitely tell.