Vancouver Tax Pushes Chinese to $1 Million Seattle Homes
- Toronto also a lure after 15% levy on foreign purchases
- Buyers look for value: ‘Why pay more for the same thing?’
Vancouver Home Sales Fell 37% in Nov.
Just a few days after Vancouver announced a tax on foreign property investors, Seattle real estate broker Lili Shang received a WeChat message from a wealthy Chinese businessman who wanted to sell a home in Canada and buy in her area.
After a week of showings, he purchased a $1 million property in Bellevue, across Lake Washington from Seattle. He soon returned to buy two more, including a $2.2 million house in Clyde Hill paid for with a single cashier’s check.