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Cash-rich Chinese opt for Seattle, Toronto homes after Vancouver slaps 15% housing tax

Wednesday, December 7, 2016 - 05:50

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Plants are seen in the yard of a home for sale at C$7.89 million in the Point Grey neighbourhood of Vancouver, British Columbia, Canada. Vancouver, one of the world's most expensive cities, is losing out to Seattle and Toronto as China buyers park their money in cheaper homes.

Toronto

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

sentifi.com

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