University of British Columbia professor and economist Tom Davidoff says the province's decision to exempt work permit holders from its foreign buyers tax is a good move, as long as the government pays attention to loopholes around the tax. 's foreign buyers tax applied an extra 15 per cent property transfer tax on real estate in Metro Vancouver, purchased by buyers who are not Canadian citizens or permanent residents, as a measure to cool Vancouver's hot real estate market. A group of foreign buyers even launched a class action lawsuit against the provincial government. "They went with 'does your passport say you're foreign?' With files from The Early EditionTo listen to the interview, click on the link labelled UBC's Tom Davidoff on relaxed foreign buyer's tax rules

Source: CBC News January 31, 2017 17:03 UTC