EXCERPT:
Jock Finlayson of the Business Council of British Columbia estimates that the real estate sector has accounted for at least one-third of economic growth in the province over the past three years.
He said the new measures may slow sales of high-end homes. "But for the rest of the market, the picture is less clear. The fundamental drivers of housing demand – demographic growth, the job market and borrowing costs – have not changed, so there may be no effect on the larger market beyond a perhaps a few months of uncertainty and reduced transactions."
