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Was at the Urban Development Institute conference this afternoon and they were primarily talking about the whole 15% foreign buyer tax that was implemented. The presenter brought up a huge eye opening stat in that sales for homes in Richmond from August 2015 compared to this year (Aug 2016) were down 66%. Sales across all municipalities are down 17% or something like that. Drew a huge "wow" from the crowd.
They also touched on the fact that other cities such as Seattle and Toronto will likely feel the brunt of the Chinese Nationalists spending spree now that Vancouver has implemented the tax. They also mentioned that Toronto is currently also looking into implementing something similar to Vancouver.
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