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The impact of a foreign buyer’s tax on Vancouver housing is clearly being felt in neighbouring Victoria, Doug Porter, Bank of Montreal’s chief economist, said Tuesday as three levels of government meet to discuss the Toronto market.

“If there’s really any doubt that the non-resident buyer tax in Vancouver had an impact, look no further than Victoria’s accelerating price growth since August,” said Porter, in a note released before federal finance minister Bill Morneau, Ontario finance minister Charles Sousa and Toronto Mayor John Tory were to meet to discuss the situation in Canada’s largest city where March prices were on average up 33 per cent year over year.

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Porter noted Victoria is the only city outside of Ontario with a double-digit average price gain in the past year with the home price index up 20 per cent year over year.