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“It’s been six months since the provincial government introduced a foreign buyers tax to cool the hot housing market u2014 and scores of Seattle Realtors have been taking advantage ever since.
In the months following the introduction of the landmark policy, business down south has been booming at a near exponential rate, according to Seattle real estate broker Dean Jones.
“We have networks with brokers in Vancouver that are referring buyers to us in Seattle,” said Jones, the CEO of Realogics Sotheby’s International. “We have numerous clients that have said that they’re selling in Vancouver and going to do it all over again in Seattle.
“In many ways, its’s just Vancouver deja-vu.”
Jones says the introduction of a foreign buyers tax last summer almost immediately sent a ripple through Seattle’s housing market. By the end of the year, roughly half of the luxury homes sold in the area were to foreign buyers, up from a third in 2015, and 25 per cent in 2014.
“We’re seeing an almost exponential interest in investing in the Seattle-Bellevue metro area.”