The Canadian branch of Sotheby's International Realty hopes its recent partnership with Juwai.com will boost real estate sales in Vancouver, reports The Globe and Mail (2 November 2016). The 15 percent tax foreign property buyers need to pay in British Columbia has significantly cooled down the market. Foreign buyers used to represent 13.2 percent of the sales but now they only make up 1.3 percent. According to Matthew Moore, Juwai.com President of the Americas, Chinese buyer enquiries for Vancouver fell 40 percent in September compared to the same period in 2015, although that is a much slower rate of decline year-over-year than in August. However, Chinese buyer enquiries for Toronto market have spiked on the back of Vancouver's decline in Chinese investor interest. “Many Chinese buyers feel that Vancouver has become overpriced and lacks good inventory. We know that Vancouver for the long term will remain appealing to international buyers,” said Moore. [This article is available on subscription only]
