There is a misconception happening in Metro Vancouver right now that Chinese investors are targeting high end properties. A report put out by Sotheby’s Canada and Chinese search site juwai.com has revealed quite the opposite.
Not such a big surprise was where Chinese investors shifted their attention to after the introduction of the foreign buyer tax by the provincial government. The report has shown that there was an 81% year over year drop in searches for Vancouver properties when the tax was introduced, and was down 78% once put into effect.
The report has shown that a majority of home searches conducted on the Chinese international property search website site were for homes priced well below the sales average. The report showed that 57% of all Chinese investor searches were on properties worth less than $655,050 with the median figure of $590,020 while the average sale price in the city was at $897,600.
Not such a big surprise was where Chinese investors shifted their attention to after the introduction of the foreign buyer tax by the provincial government. The report has shown that there was an 81% year over year drop in searches for Vancouver properties when the tax was introduced, and was down 78% once put into effect.
Online searches shifted to cities without similar taxes like Calgary and Toronto.