While the actual percentage of Vancouver’s sales that were conducted by Chinese cannot be accurately figured, a recent National Bank of Canada report has found that 1/3 of last years sales went to Chinese buyers.
$12.7 billion was made in sales to investors in China in 2015. Chinese buyers also invested $9 billion in Toronto real estate.
Canada’s finance minister said that the Federal government would now begin to invest in tracking foreign buyers, budgeting $500,000 in order to first find ways to approach tracking.
The move was criticized as insufficient by some, who noted that $500,000 is approximately one-quarter of the value of one home in Vancouver, a value which has risen 30 percent in the last year.
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