British Columbia's plans to dampen the influence of foreign investment in Metro Vancouver's scorching housing market with a new tax on foreign buyers is causing widespread panic and confusion, say industry insiders. De Wit estimated there are 2,300 pre-sale properties in Metro Vancouver connected to foreign buyers. Premier Christy Clark's Liberals are poised to adopt legislation that includes an additional 15 per cent property transfer tax on foreign nationals who buy residential real estate in Metro Vancouver. residents are fearing property nightmares because they sold to foreign buyers who may now balk at paying the new tax, which in turn threatens to kill the real estate purchases of B.C. Premier stands her groundPremier Christy Clark was steadfast on Wednesday, saying her government will not amend its proposed property transfer tax plan.

Source: CBC News July 28, 2016 03:12 UTC