TORONTO — British Columbia’s new speculation tax on out-of-province buyers will likely convince a wave of owners to sell their vacation properties, pushing down home prices, said a forecast from Royal LePage. By the end of September, the real estate company is expecting the average price of a recreational home in B.C. Royal LePage concluded the tax would spark a price dip in B.C.’s recreational housing sector after surveying 200 real estate advisors who specialize in such properties between May 15 and June 1. Royal LePage chief executive Phil Soper said the tax has already weakened demand for B.C. for recreational properties and will see price increases because of improved employment opportunities and strong oil prices that drive activity in the market.

Source: National Post June 06, 2018 15:56 UTC