People who build homes in Metro Vancouver say they are bracing for serious losses over the next few months, as the effect of the 15 per cent real estate tax on foreign buyers penetrates the market. Bob de Wit, CEO of the Greater Vancouver Home Builders' Association, is predicting the loss of 5,000 jobs in the region by the beginning of December. De Wit said within days of the tax announcement in late July, building contracts started to vanish. "There's new communities in Burke Mountain that have a lot of foreign buyers. "They maybe don't go out to restaurants, so people in the restaurant industry lose jobs."

Source: CBC News September 01, 2016 14:33 UTC