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Buyers are reluctant to purchase properties located in redevelopment zones because of the potential for economic loss.
"The policy intentions of the new government are clear and it is no longer appropriate for us to purchase properties.
As a result, Morecambe's West End had a poor reputation and people were unwilling to purchase properties in the area for owner occupation.
"It has been challenging for end users to purchase properties as they have to compete with investors," said Mr. Roth, who works for Keyes Realtors.
The fee could hurt real estate values in the future if buyers are reluctant to purchase properties that have a 1 percent fee attached.
However in some parts of the country, particularly in London, the use of offshore companies to purchase properties as investment assets rather than homes has helped fuel house price inflation.
Similar(38)
(This week Morgan Stanley announced plans to buy the Purchase property).
The Ethical Property Company raises money through ethical investment to purchase property for charities to use.
"It allows people like myself to purchase property, to get a piece of the pie.
Are the kitchens and baths more dated than those in the purchase property?
BUYING BASICS Foreigners can purchase property in Canada without restriction, Mr. Hobbs said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com