Vancouver's Hot Housing Market Gets Tougher for Wealthy Chinese
- British Columbia announces new real estate speculator levy
- Rate on foreign buyers to be raised to 20% from 15% this week
Contractors work a condominium under construction in downtown Vancouver, British Columbia.
Photographer: Ben Nelms/Bloomberg
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Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers.
British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable for residents of Canada’s Pacific Coast province.