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The house is listed at $10.9 million, but after receiving mostly low-ball offers closer to its tax-assessed value of $6.2 million, she’s planning on dropping the asking price closer to $8.3 million.

Why would they come here and pay all that tax and feel like a criminal? Lisa Sun, realtor

That’s a hefty cut but holding on to the home would mean paying potentially more than $140,000 in extra taxes annually for the Canadian owner who splits her time between Vancouver and Beijing. Canadian taxes are not the only measures weighing on the market. China’s capital controls are also limiting spending on global real estate.

Photo by Jennifer Gauthier/Bloomberg

Sun doesn’t think Vancouver’s market is going to come back to its highs, especially at the top end. “Why would they come here and pay all that tax and feel like a criminal?”

The Bargain Hunters

Buying a house seemed an impossible dream for Brandon Chapman.

The 28-year-old financial planner first started looking at one-bedroom condos in 2016, around the peak of the market. “It was just bananas so I took a step back,” he said, in an interview at his Vancouver office.

He’s glad he waited. He now figures he might even be able to afford a detached home and is viewing properties at around the $1.1 million mark in East Vancouver. To make it affordable, he’s teaming up with his best friend to purchase the property — and offering way under asking. It hasn’t quite worked out yet. One offer for about $200,000 less than the listing price was rejected.

It's like a candy store for buyers right now Clara Hartree, realtor

“We haven’t closed on anything but the market in my opinion is still trending down so why would I rush into buying something if I don’t need it this second?” he said.