I have written monthly, here, that it is a useless tax.

And Vancouver is proof it is useless, a foreign buyer tax on houses. The Vancouver tax started about half a year ago. And you can read in another article, in this paper, what the result has been on Vancouver houses: "prices were up 3.6 per cent compared to the year before." 

Hello? 

Look, houses in Vancouver cost dozens of times the average annual local income before the tax, and they still cost dozens of times the average annual local income after the tax. What this illustrates is that the foreigner tax ACCOMPLISHES NOTHING towards bringing house prices back to affordability for local workers. 

Government needs to get at the actual main cause of the problem, which is billions of dollars flooding in from overseas from new Canadians who bought citizenship through investor immigrant programs. THAT is what ACTUALLY skyrocketed Vancouver house prices out of affordability for local workers. Rich people with new Canadian passports.