Chinese buyer interest in Vancouver real estate has waned since the implementation of a 15 percent tax on for foreign buyers, reports China Daily (24 March 2017). According to a report co-released by Juwai.com and Sotheby's International Realty Canada, Chinese enquiries for Vancouver property listings fell by 81 percent y-o-y in July 2016 – the month the B.C. government unveiled its 15 percent tax on foreign investors buying residential property – before continuing to drop as much as 78 percent in August. Meanwhile, searches on Juwai.com for Toronto rose by 62 percent y-o-y in August and by 72 percent in September. Nevertheless, Sotheby's International Realty Canada President and CEO Brad Henderson emphasised that the Vancouver market is still robust even with the decline in Chinese buyer interest. "The Gross Domestic Product growth in Vancouver is better than that in Canada. The same is true with the unemployment rate. Business confidence continues to be very high. It continues to be an attractive market (for those) who want to live and work, whether they're from Canada or from outside Canada," said Henderson.
