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Local real estate board issues "call to action" against foreign buyers tax

(iStock image)

The Fraser Valley Real Estate Board wants the province to tweak the tax

Its president feels the levy is creating an "unfair ripple effect" in the market

The tax was implemented on August 2nd

SURREY (NEWS 1130) –┬áThe Fraser Valley Real Estate Board has added its voice to the growing number of organizations angry with the new 15 per cent tax targeting foreign buyers. The group is calling on its members to put the pressure on the provincial government to get rid of the levy.

The board, which represents realtors in places like Surrey, Delta, White Rock and Langley as well as communities farther east, has issued a “call to action” in an e-mail to its 3,000 members.

Board President Charles Wiebe says the tax which was implemented at the beginning of the month has hurt clients and the housing market. Wiebe adds it has also created what he calls an “unfair ripple effect.”

The board wants the provincial government to take another look at the tax and to change it. The e-mail says the number of failed deals in the region has doubled since the levy kicked in.

The Real Estate Board of Greater Vancouver has said up to 427 sales could fall through because of the tax. Earlier this month, the board released numbers which showed last month home sales in Vancouver fell to their lowest level since January.