Wealthy Chinese property buyers are looking for alternatives for their investment cash following the 15 per cent foreign buyer tax was introduced in Vancouver.
Realogics Sotheby’s International Realty in Seattle says that it has seen a surge in home sales to clients from mainland China since August but the additional tax isn’t the only thing driving buyers south of the border.
“For now, Chinese Nationals enjoy 10-year multi-entry visas into the US as well as opportunities for EB-5 investments that can lead to US citizenship,” said Dean Jones, President & CEO of RSIR. “We anticipate these programs will remain in place but it’s too early to tell. Global wealth seeks financial safe harbor and sudden policy changes in China and Canada, in part is what diverted demand here in the first place.”