Vancouver condo rush sparks mass flipping frenzy
Local and offshore buyers are snapping up units that are not yet completed; analysts fear the flipping trend could lead to a market crash
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Vancouver
THE condominium market has turned red-hot in Vancouver, with agents saying local and offshore buyers are snapping up units that are not yet completed, even as a foreign buyer tax has sent detached home sales plunging.
Condo prices have escalated so quickly that some owners are flipping their units before construction is finished, a move that allows foreign buyers to capitalise on price gains without having to pay the province of British Columbia's 15 per cent levy implemented last year for Vancouver real estate transactions.
Share with us your feedback on BT's products and services
