As a reference, Vancouver implemented a 15% tax on foreign home buyers to make housing more affordable for the locals. However, Fitch analysts indicated, that the market might have begun to cool even before the tax, that makes Vancouver home prices more vulnerable to potential changes.
According to Susan Hosterman, director of U.S. structured finance at Fitch Ratings, the foreign investors have been buttressing real estate in Vancouver, what prompted more demand and an increase in prices.