LOCAL NEWS

Seattle is getting more interest from foreign investors

Sep 16, 2016, 5:46 AM | Updated: 7:41 am
seattle housing, rental, home buyers...
(File, Associated Press)
(File, Associated Press)

Seattle property is getting more looks than its sister city to the north.

The Vancouver Sun reports that figures from Chinese website Juwai.com, which connects investors with international home sellers and real estate agents, shows property buying inquires from foreign investors shot up in August compared to August 2015. Meanwhile, inquiries in Vancouver, B.C. dropped 81 percent in August.

The cause, according to the Sun, could have to do with the recently introduced offshore investor tax.

“Realtors in Seattle and Vancouver said the data suggests growing nervousness among Chinese investors over increasing regulation of Metro Vancouver’s market,” the Sun reports.

The change has been going on for some time, with demand increasing for cities with cheaper entry prices, Dave Platter of Juwai.com told the Sun.

The offshore tax adds an extra 15 percent in property tax fees on residential real estate being purchased by foreign buyers.

Though the Canadian government said in August it was too soon to conclude how the market would respond to the tax, sales of single-family homes have steadily declined and prices of luxury homes have been getting slashed.

That is a drastic difference to Seattle’s home prices, which continue to rise at an exceptional rate compared to a year ago. In June, reports showed a double-digit pace of home prices — twice the rate for the country’s 20 largest cities.

Home prices in Seattle increased by 11 percent. Portland home prices rose by 12.6 percent. Compared to the other top 20 markets in the nation — the average bump was only 5 percent — Seattle and Portland are almost unmatched. The exception is in Denver, another city where price gains continue to rise.

Of course, the foreign buyer tax in Vancouver could increase interest in other Canadian cities as well. Sotheby’s reported the Greater Toronto area had a more active market this summer than expected. That trend will most likely continue, particularly for the single-family home market, according to the firm.

Local News

ballot, napkin vote, approval voting...
Nick Bowman

Group seeking to change how Seattle voting works builds large early war chest

A push to dramatically alter the way Seattle votes in primary elections is already getting significant financial support in its early days.
9 hours ago
Bellevue...
KIRO 7 News Staff

77-year-old Bellevue woman stops home intruder in landslide neighborhood

Thieves hit the neighborhood impacted by the Bellevue landslide but didn’t get away with much, thanks to one brave 77-year-old woman.
1 day ago
national guard...
Stephanie Klein

National Guard arrives to Harborview Medical Center to help with COVID testing

A Seattle hospital official says the arrival of 10 army soldiers on Friday is a huge help.
2 days ago
End restrictions...
Nick Bowman

UW modelers: State might finally be able to end ‘major restrictions’ once omicron wave passes

Modelers at UW's Institute for Health Metrics & Evaluation believe that we could be nearing the end stages of major virus-related restrictions. 
2 days ago
Long term care insurance...
Nicole Jennings

Analyst’s advice for Washingtonians who got private long-term care insurance

An Association of Washington Business analyst explains the outlook for private long-term care insurance now that the WA Cares tax will likely be delayed.
2 days ago
COVID tests...
MyNorthwest Staff

Washington households can order at-home rapid COVID tests at no cost

The state Department of Health is going live with its portal to order free at-home COVID tests that ship directly to households.
2 days ago

Sponsored Articles

...

Compassion International Is Determined to ‘Fill’ a Unique Type of Football ‘Stadium’

Compassion International SPONSORED — During this fall’s football season—and as the pandemic continues to impact the entire globe—one organization has been urging caring individuals to help it “fill” a unique type of “stadium” in order to make a lasting difference in the lives of many. Compassion International’s distinctive Fill the Stadium (FtS, fillthestadium.com) initiative provides […]
...

What are the Strongest, Greenest, Best Windows?

Lake Washington Windows & Doors SPONSORED — Fiberglass windows are an excellent choice for window replacement due to their fundamental strength and durability. There is no other type of window that lasts as long as fiberglass; so why go with anything else? Fiberglass windows are 8x stronger than vinyl, lower maintenance than wood, more thermally […]
...

COVID Vaccine is a Game-Changer for Keeping our Kids Healthy

Snohomish Health District SPONSORED — Cheers to the parents and guardians who keep their kids safe and healthy. The dad who cooks a meal with something green in it, even though he’s tired and drive-thru burgers were tempting. The mom who calms down the little one who loudly and resolutely does NOT want to brush […]
...
Experience Anacortes

Coastal Christmas Celebration Week in Anacortes

With minimal travel time required and every activity under the sun, Anacortes is the perfect vacation spot for all ages.
...

Delayed-Onset PTSD: Signs and Symptoms

Lakeside-Milam Recovery Centers SPONSORED — You’re probably familiar with post-traumatic stress disorder. Often abbreviated as PTSD, this condition is diagnosed when a person experiences a set of symptoms for at least a month after a traumatic event. However, for some people, these issues take longer to develop. This results in a diagnosis of delayed-onset PTSD […]
...

Medicare open enrollment ends Dec. 7. Free unbiased help is here!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]
Seattle is getting more interest from foreign investors