In Canada, tax drives Chinese homebuyers away from Vancouver

VANCOUVER - Fewer Chinese prospective buyers are considering Vancouver properties in the Canadian province of British Columbia, following its implementation eight months ago of a 15-percent tax on foreign residential real estate buyers.

Brad Henderson, president and CEO of Sotheby's International Realty Canada, told Xinhua that the province's foreign buyers tax, which was levied for the first time in Vancouver, has scared off prospective Chinese homebuyers.

His remarks were based on a new study entitled China to Canada: International Home Buyer Insights, which was co-released on March 7 by Sotheby's International Realty Canada and Juwai.com, an international property website for Chinese buyers of overseas property.