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September 5, 2016

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Home » Business » Real Estate Special

Vancouver leads price index but new tax signals change ahead

Source: Shanghai Daily | September 5, 2016, Monday | Print Edition

WITH the inclusion of Toronto and San Francisco, the Prime Global Cities Index has expanded this quarter and now tracks prime residential prices across 37 cities worldwide.

Vancouver leads the rankings for the fifth consecutive quarter. Prime prices have increased by 36 percent in the year to June but July saw the surprise announcement that the British Colombia Government plans to introduce a new 15 percent tax for foreign buyers, effective from August 2.

Vancouver joins an expanding club of cities (which includes Hong Kong, Singapore, Sydney and Melbourne) where policymakers are taking steps to control the flow of foreign capital into their housing markets in order to stem demand and improve affordability for local residents.

Other top performers this quarter include Shanghai, Cape Town, Toronto, Melbourne and Sydney; all saw annual price growth reach double figures in the year to June.

The majority of our top 10 ranking cities have been on the receiving end of new cooling measures in the last 12 months. From interest rate hikes to fees for foreign buyers, higher land taxes, or new rules on the number of second homes that can be acquired, lowering price inflation is high up government agendas which suggest that a year from now the cities populating the top 10 rankings could look very different. Hong Kong has eclipsed Taipei this quarter to take the title of weakest-performing residential market. Prime prices slipped 8 percent in the year to June.

 

From the “Prime Global Cities Index” report by Knight Frank

Real Estate Special


 

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