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Chinese Investor Interest Remains Firm in the Face of Vancouver’s 15% Tax on Foreign Buyers

Chinese Investor Interest Remains Firm in the Face of Vancouver’s 15% Tax on Foreign Buyers

The provincial government of British Columbia released figures on Tuesday showing the proportion of foreign buyers of homes in the Vancouver region – the overwhelming majority of whom are Chinese – stands at 5 percent, the highest figure recorded since the introduction last year of a 15% levy on residential property transactions where the buyer is not a Canadian citizen or permanent resident, reports The Globe and Mail.

Foreign interest remains particularly strong in the Burnaby and Richmond areas, where foreign buyers account for 9.6 and 10.8 percent of purchases, respectively, and where properties on offer are mostly condominiums rather than stand-alone houses.

Alexander Ning, a real estate notary, said many of his clients who had entered into agreements to buy homes 2-3 years ago were caught off-guard by the sudden imposition of the tax but had nonetheless opted to go through with the purchase rather than forfeit their deposits.

“No one had any idea that the provincial government would bring in this foreign-buyers tax,” Mr. Ning told the Globe and Mail. “So they’re stuck and they’re completing. […] I have seen a lot of those. Some of them have purchased multiple units.”

By Courtesy of imidaily.com

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