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rfmcdonaldGlobal News' Jill Slattery reports on how foreign buyers, disincentivized in Vancouver, seem now to be flooding into Canadian Toronto and nearby Seattle.
Foreign buyers are leaving Vancouver en masse, instead heading to cities like Seattle and Toronto to invest in real estate, according to numbers provided to Global News from Chinese realty website Juwai.com.
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.
The recorded drop comes the month after a 15 per cent foreign buyers tax was introduced in Metro Vancouver to thwart off the foreign demand that has helped to fuel an unprecedented rise in home prices across the region.
The demand may have shifted south of the border and to other cities across the country, according to Juwai.
