Premier Christy Clark says Metro Vancouver’s foreign buyers tax is a step in the right direction.
Her comments come just over a month after the 15 per cent tax went into effect.
Recent data showed a 26 per cent drop in home sales in August, compared to last year.
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READ MORE: August home sales in Metro Vancouver fall 26% since 2015
Clark says it’s too early to say anything definitive but the premier also said that slowing the market down was a good choice.
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“The market was incredibly overheated,” said Clark. “I would argue it was distorted, the prices were going up way too fast, and if we have helped slow that down, that’s good. I think that’s what British Columbians were counting on us to do.”
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