Vancouver residents are backing the new 15 per cent tax on foreign buyers of homes in Metro Vancouver but think the only way that property prices are going to come down is through a market correction.

British Columbia’s new tax has come into force today but while most in the region support the measure, many doubt it will make much difference.

An opinion poll from Angus Reid Institute reveals that 90 per cent of Greater Vancouver residents agree with the government’s new tax and 87 per cent also back the proposed tax on vacant homes in the metro region.

However, almost three-quarters of respondents believe that foreign buyers will simply find a loophole to avoid paying the extra 15 per cent and there are few who expect home prices to ease as a result of the measure.

Most (82 per cent) also say the government should have done something sooner and similar numbers believe that the high prices are damaging for the metro region.

A significant market correction, although painful for many, appears to be desired with almost half of respondents say they are hurt by high prices while just 18 per cent say they benefit.

Two thirds (64 per cent) would like to see a market correction of at least 10 per cent while 42 per cent hope for prices to drop at least 30 per cent. Among renters, a crash is the hope of 72 per cent.

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