Foreign Buyers Eye Seattle Due To Vancouver Housing Tax Plan

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December 05, 2016

In August, Vancouver passed a 15 percent tax on foreign homebuyers, a measure to curb soaring home values and thwart wealthy buyers from China.

BloombergPursuits reports that these foreign buyers are now looking at properties in neighboring Seattle.

In Seattle, about 12 percent of all homes this year sold for at least $1 million, double the share over the last decade, according to brokerage Windermere Real Estate. Single-family home prices in King County, where the city is located, jumped almost 15 percent in October from a year earlier, data from the local Realtors association show.

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