Vancouver Tax Sends Chinese Buyers to Toronto, Seattle

Global News: Goodbye Vancouver: Foreign buyers now flooding Seattle and Toronto real estate markets
Juwai.com is “where Chinese find international property” according to their website. They claim to have over 2.4 million real estate listings across 58 countries and have for a long time, marketed Vancouver to their clientele as an attractive place to purchase homes.

But the allure of Vancouver may be fading, according to numbers from the company that suggest there was an 81 per cent drop in buying inquiries in Vancouver in August compared to August 2015.

...Seattle property searches on the site grew by 143 per cent year-over-year in August, making it the third busiest month in the last three years for number of inquiries in the city.

...Foreigners hoping to purchase in Canada are now looking at Toronto, Calgary and Ottawa.

Toronto saw a 142 per cent increase in property inquiries in August compared to 2015, according to Juwai.
Seattle Times: Seattle becomes No. 1 U.S. market for Chinese homebuyers
Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington, the Realtors association says.

Most of those purchases are still in the suburbs, particularly in wealthier areas on the Eastside.

According to Juwai, Chinese buyers are predominantly targeting luxury homes, with an average price of $1.2 million.

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