Chinese buyers of B.C. real estate now looking for cheaper properties that means middle class families will be outBID !
There has been a slow uptick in the number of foreign buyers investing in Metro Vancouver real estate, but it’s still drastically down following the August introduction of the B.C. government’s foreign tax, according to latest Ministry of Finance figures.
#middleclass #chineseinvestors #mikemartins
Property transfer tax data for November showed that 4.1 per cent of all residential transactions in the region that month involved foreign buyers, up from three per cent in October. Immediately after the 15-per-cent tax was introduced, less than one per cent of real estate transactions involved foreign buyers.
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