[tendersej]

While I think it is a step in the good direction, I am skeptical as to how successful this measure will be.

The problem at stake is that Chinese buyers are not buying property in Vancouver for speculative investment purposes only.

They see these properties as safe stores of value in order to diversify their risk profile in case the situation in Mainland China or their own financial situation goes down the gutter,

and / or to support their future potential effort to gain Canadian residency / citizenship for themselves or their kids,

and / or to vacation outside of mainland china once in a while.

Sure, this tax will hurt some of them, but the number of Mainland Chinese people with the means to write off such an amount as the cost of security is massive.

Source: lived in Mainland China for a few years, worked for this specific demographic.

[ringwalt]

If they're not just in it for short-term speculation, then they can rent the house out and hire someone to manage it. Make some more profit while contributing to the Vancouver economy and rental market.

[tendersej]

This would go against the ideas of being able to go to Vancouver on a whim, and finding things as they were left, or being able to jump on a plane in case of Mainland China Meltdown and directly move into their house/flat. Those apartments are not meant to be rented, they are safe places.

Contributing to the Vancouver economy and rental market? This demographic could not care less, this does not factor in their decisions.

(I have only empirical evidence of this mindset, but I would be willing to expand on what I base my reasoning on.)