On July 28th, the B.C. Government implemented a 15% foreign buyer's tax that was enacted a mere few days later. Sadly, there are a great many people who had made binding offers prior to this tax, but whose sales didn't close prior to its implementation. 

Without an appropriate grandfathering clause, ordinary people who entered into purchase and sales contracts in good faith are now subject to a tax that didn't exist when they signed their deals and made deposits.  In many cases, these people are locals whose residency is in the works, but who can't get increased financing to cover an unexpected 15% price hike. 

Not only are they in danger of losing their deals and deposits, but the echoes are being felt by B.C. residents throughout the province as chains of purchases and sales disintegrate. 

It would be not only appropriate but also very helpful if B.C. Housing, as a Crown Corporation and the largest mortgage financier in British Columbia, would bridge this gap by automatically approving financing in the amount of this additional tax facing all buyers caught in this mayhem - buyers with approved contracts of purchase and sale signed on or before the tax was hurriedly read into law.