The ripple effect from the new 15% foreign buyers tax could be felt for 12 to 18 months or more. What effect it’s going to have on the market as far as prices go is still too early to predict. What we do know is that there are 1000’s of deals in the system that could be in jeopardy of not closing because the foreign buyer has decided not to close to avoid paying the new tax. This can have a domino effect on other sales that are tied to that first sale. This new tax may also have an impact on luxury condos that were sold over the past 3 to 6 months but do not complete until 2017. Depending on what the market does between now and say 18 months out, will determine if those deals may be in jeopardy as well.