Canada is said to have been experiencing a real estate bubble for many years now, and experts have been waiting for it to pop, wondering what was going to be the catalyst. Some are convinced that it was the recently introduced tax on foreign buyers and that thanks to its introduction we are now seeing the result of that bubble pop, a downfall in the market.
But not everyone is convinced that the tax has popped the bubble, some suggest that there was already a downward trend showing before the tax had been implemented. A legal challenge against the Constitutionality of that new tax has also been recently launched. Despite the negative feedback however, now Ontario is looking to implement a similar tax.
Some are wondering if things will get back to normal and demand will return, but things could remain messy for awhile still as things remain to be worked out before the courts. Recent data coming out after the tax was introduced shows plunging foreign investment and unsurprisingly a surge in new popularity for B.C. Premier Christy Clark.
It has also been suggested that the real estate bubble isn't only pertaining to hot spots like Vancouver and Ottawa, but that there are troubles throughout the nation as a whole and it's possible that many areas might see a dramatic drop in prices should that bubble really pop if it hasn't already.
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