16 Aug '16, 5pm

How the Chinese are reacting to Vancouver’s property tax hike https://t.co/FozptuZA7y

How the Chinese are reacting to Vancouver’s property tax hike https://t.co/FozptuZA7y

Did the Canadian government make the right decision to levy foreign buyers? False Creek in Vancouver. Image credit: Kenny Louie (Flickr) From Vancouver to Beijing, Chinese nationals are reportedly miffed by the Canadian government’s recent decision to impose a 15-percent property transfer tax on foreign buyers . The British Columbia government introduced the tax in Vancouver on the back of concerns that residential prices in the city, already the most luxurious housing market in the world , are getting out of reach for natives. Home prices in the Greater Vancouver area soared 32.6 percent year-over-year in July, according to the Canadian Real Estate Association . Chinese nationals, who represent some of the biggest international buyers of Canadian property, are threatening to flip their home purchases in Vancouver rather than pay the exorbitant tax upon registration, repor...

Full article: http://www.property-report.com/how-the-chinese-are-reacti...

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