Yeah the same msm that was falling all over themselves to tell us that offshore buyers had nothing to do with price and sales,  is now running pieces telling us that a 15% tax on offshore buyers was enough to put the brakes on price and demand.

It would be laughable if it were not so sad.

There  is no one  definitive answer as to why the Vancouver market is taking a breather. But the market is doing the same thing in other places popular to offshore money sourced primarily from China, like Australia.  And the slowdown started here prior to the 15% levy.

Price increases of 30-50% a year are not sustainable year over year anyways, no matter where the money is coming from.

Regardless, given the attraction of metro Vancouver, and Canada, for overseas money looking for a bolthole, and all our government programs encouraging visas, immigration, and generally wide open sale of our houses, offshore money will continue to be a deciding force in sales and price for years to come.