llowing the announcement that British Columbia is increasing their foreign buyer tax on home purchases from the current rate of 15-percent up to 20-percent, King 5 News reported that the move “may create more demand from wealthy Chinese investors and homebuyers who are looking to purchase property in Washington state.” Adding to demand amidst anemic inventory supply, particularly in downtown Seattle condominium stock, however, is causing some worry.
Read MoreEarlier this week, Seattle Times connected with a delegation of 15 real estate agents from mainland China to discuss why so many Chinese foreign nationals are purchasing homes in the Seattle area, and whether they expect the trend to continue. As the Times reports, some of the main factors drawing Chinese buyers to the Emerald City include “good schools, clean air, proximity to China, beautiful natural resources with lakes and mountains and the growing economy.”
Read MoreForeign buyers in Vancouver, British Columbia — who paid an additional 15-percent property transfer tax last year — might see a refund this year.
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