Vancouver BC, new 15% property transfer tax

[Scott Breier]

So in light of the new news of the 15% property transfer tax for foreign investors, how does everyone think this will impact the real estate market in the lower mainland? As I understand, this includes all the Metro Vancouver cities up to Abbotsford, so will this drive all the action there and other nearby cities like Victoria, Kelowna, etc? Will we see a drastic reduction in housing sales and therefore a drop in prices?