The 15 per cent tax on foreign buyers of Vancouver homes should be changed to be more targeted, a Chinese billionaire will tell the prime minister Tuesday.
Frank Wu, vice-chair of the China Real Estate Industry Association plans to discuss the tax with Justin Trudeau during a visit to Ottawa. Wu says that the tax is discouraging Chinese investors from the market and may mean them re-focusing on other cities or outside Canada.
Wu is planning to invest $100 million in Canada over the coming years, building homes for mainly Chinese buyers.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate