Mike Hager in the Globe and Mail  on BC’s new foreign buyer tax, and what the Prov Gov’t will do with the revenue.

After trying to tamp down demand in Vancouver’s superheated housing market with a tax on foreign home buyers, British Columbia is now tackling supply, promising to use the tax revenue to fund affordable housing.

It is not known how much revenue will be generated from a 15-per-cent property transfer tax on foreign buyers of Metro Vancouver real estate, but Finance Minister Mike de Jong said it could be considerable.