First, you’ll want to understand the taxes you’re going to pay
It is impossible to think about buying in Vancouver as a foreigner without considering the now- infamous tax on foreign buyers and speculators introduced in 2016 to make housing in the region more affordable and cool down an extremely hot market.
In Vancouver, foreigners pay a 20% tax on top of the purchase price. The tax was introduced because of the perception that Vancouver, the most expensive market in Canada, was becoming a parking ground for global capital.
Now approaching the end of the second year, many say the tax has not had its intended effect. Jerry Wang, of MacDonald Realty, a luxury brokerage in Vancouver, said that although the tax slowed the market at the beginning, foreign buyers are back in the game.
The largest island offers proximity to a 180-mile long For the luxury “Buyers can get a mortgage fairly easily, and relatively speaking, the price point for the Vancouver area is still very reasonable,” Mr. Wang said, compared to other large cities around the world.
He said his clients have just shifted to a slightly lower price bracket to account for the tax, and are still “buying at a discount.” They also still buy at the high end. “This year we have seen so many properties over C$10 million (US$7.7 million) sold in Vancouver,” he said. “Most of them are to Chinese families still wanting to be here.”
Because of the tax, he added, it is “properties in the middle that are suffering,” referring to those in the “affordable luxury” range.