Chinese homeowners and real-estate buyers in Vancouver are now eyeing Seattle after British Columbia placed a 15% tax on foreign investment, according to The Wall Street Journal.
Seattle property searches in China increased 125% year-over-year in November, along with a month-over-month increase of 71% in October. Vancouver property searches, meanwhile, saw a 37% year-over-year drop in December, according to data from online real estate property platform JUWAI LIMITED.
The biggest factor for this ‘relocation’ is the tax British Columbia has imposed on foreign investment, applicable to non-citizens or permanent residents who buy homes in metro Vancouver.
The tax was meant to slow runaway price increases, as home prices have blown up by almost 50% in the past three years.
Real estate agent Kyle Moss of Seattle-based Redfin told the WSJ that the city could be appealing to Chinese homebuyers due to its proximity to Vancouver, where they still have family and friends.
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