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Dec

05

Vancouver Tax Pushes Chinese to $1 Million Seattle Homes

By Tony Seruga

Toronto also a lure after 15% levy on foreign purchases
Buyers look for value: ‘Why pay more for the same thing?’

Just a few days after Vancouver announced a tax on foreign property investors, Seattle real estate broker Lili Shang received a WeChat message from a wealthy Chinese businessman who wanted to sell a home in Canada and buy in her area.

After a week of showings, he purchased a $1 million property in Bellevue, across Lake Washington from Seattle. He soon returned to buy two more, including a $2.2 million house in Clyde Hill paid for with a single cashier’s check…

Vancouver Tax Pushes Chinese to $1 Million Seattle Homes

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