Thank you for the question.
In the context of the overall investment activity within real estate, there is potentially an impact, either when sellers look to list properties in advance of a tax change or if the long-term economics of a tax increase alter the expectations of return going forward. I personally haven't seen the exact details of the legislation either, so I don't want to comment too deeply on it. Also real estate's a very long-dated asset, so the impact may or may not be as significant as it would be in some other asset classes.
More broadly speaking, I think for an investment asset class today, macroeconomic conditions are playing the overriding factor here. Because interest rates have increased, expectations of house price growth have decreased and current levels of rental yield don't stack up very well against risk-free government assets. As well, as an investment asset class today, real estate has kind of fallen back in terms of overall activity.
How a capital gains tax change fits in that broader context of weakening activity would already be very hard to flesh out and put a precise estimate on, I would think.