Could NZ copy Vancouver's new foreign homebuyer tax?

Could NZ copy Vancouver's new foreign homebuyer tax?

There's been a lot of discussion about the housing crisis and we may have found a solution - in Canada.

Vancouver is looking a lot like Auckland at the moment. Ridiculous house prices where locals can't afford to buy and they're blaming foreign buyers.

But a new tax has been introduced in Vancouver this month where foreign nationals are hit with a 15 percent transfer tax when they buy a house.

In the past 15 years, house prices have increased by 140 percent and a detached home now costs more than half-a-million dollars. But the median household income is CA$76,000.

Real estate agents disagree and believe no one wins with the new tax but could this work in New Zealand?

Story investigates.

Watch the video for the full Story report.