Vancouver’s tax on foreign property buyers has had a lot of enthusiastic support in New Zealand. New Zealand’s press has so far missed a few important aspects though.
The Globe and Mail reports that while sales dropped 23% in August, after the tax, as compared to July, July’s sales were down 27% from June.
But let’s remember that we’re looking at a single month of data, in a sector prone to volatility and mood swings, capable of being altered by quirks of the calendar or a bit of rainy weather. And frankly, it’s impossible to tell how much of August’s downturn we should be laying on the doorstep of the new tax on foreign buyers.
Remember that Metro Vancouver’s sales in July – before the tax was announced – fell 27 per cent from the previous month and were down 19 per cent from a year earlier. Maybe, just maybe…
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Utopia, you are standing in it! 
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