After reading Zero Hedge, Robert Gottliebsen (“Gotti”) has penned an alarmist piece today, entitled Canada’s lesson for the local property market, warning of carnage in the wake of Vancouver’s decision to levy a 15% property transfer tax on foreign buyers, which has been emulated to a lesser extent by Melbourne and Sydney:
Vancouver, Sydney and Melbourne are, in a strange way, “sister” cities because all three have been subjected to unprecedented Asian buying of domestic real estate, which has sent prices so high that young locals are being priced out of the market…
