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VICTORIA — When the B.C. Liberals rushed through a 15 per cent tax on foreign buyers of residential real estate in Metro Vancouver last summer, they were warned the measure could also have a punitive impact on people here on work permits.

Far from being real estate speculators, those folks were contributing to the economy and paying taxes, perhaps even as a first step to making a permanent life in B.C.

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“These are people who scraped together every cent to get into the market and are now faced with a 15 per cent tax,” cautioned Dan Morrison, chair of the Real Estate Board of Greater Vancouver, citing a typical condo transaction by way of example.

“That could add up to $150,000 they don’t have, so they will have to walk away from the transaction and lose their deposit or beg, borrow and steal the money from someone else.”

Chiming agreement was Vancouver-based real estate lawyer Richard Bell: “We attract a lot of foreign workers on work permits. They may be from Australia, Asia, Europe, anywhere in the world, and they’re coming in at very senior levels. … Now we are going to penalize them.”