Home Buyers from China Move Away From Vancouver
Important property buyers from China radically moved their explorations away from the city of Vancouver (due to the foreign-buyer tax that was implemented in Vancouver last year August) to other Canadian cities.
On one of China’s largest international property website, the inquiries for properties (such as housing or condos etc.) in Vancouver fell by 81 per cent last year July and by 78 per cent last year August compared to the same months of 2015.
In the meantime, inquiries by potential Chinese property buyers spiked up at a fast rate in other cities of Canada i.e. Toronto (which was ascending by a percentage of 62 per cent last year August and 72 per cent last year September and continued ascending till the end of 2016).
Calgary which had it’s number of inquiries for properties increase by a percentage of more than a 1,000 in August of last year and a percentage of 420 in September of last year. Montreal also saw an upward spike of about 152 per cent upward spike in September. This is due to the fact that more Chinese property buyers began to look outside of Vancouver and Toronto.
On the 7th of January 2017, there were 37.5 inquiries for properties (housing or condos etc.). On the 8th of January 2017, however, there were 1050 inquiries for housing from potential Chinese property and home buyers.
In Vancouver, the number of inquiries from potential Chinese property buyers kept going down in January. On the 7th of January, it was 80.9 per cent and on the 8th of January, it went down to 78.2 per cent and then it went down to 26.4 per cent on the 9th of January. It continued this trail of low property inquiries till the 12th of January 2017. This shows the effect of the 15 per cent tax that was implemented last year August- on foreign buyers purchasing real estate property in the city of Vancouver.
caeditor
Mr. Modou is a lawyer with a passion for writing and works with several online publications and is a senior editor for HiBusiness.ca.
