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A real estate sign is presented in Vancouver, British Columbia, on June 12, 2018. A website for buyers of properties abroad indicates that Chinese nationals have applied for US $ 1.45 billion in properties in Canada last year.
Montreal was the hottest Canadian real estate market for Chinese nationals last year, in Toronto and Vancouver, following introduction of taxes of foreign buyers. According to Juwai.com, Chinese buyers inquired about US $ 1.45 billion worth of Canadian properties in 2017.
Interest in Montreal rose 84.5% in 2017 and 43.3% [19659004] Property taking into account in Canada's largest city fell by 25% in 2017 after nearly doubling between 2015 and 2016.
Vancouver Inquiry Last year, the Government of the Greater Montreal Area Vancouver imposed a 15% tax on buyers of foreign homes. The new provincial government raised the tax to 20% and imposed it at 20% last year. in the Victoria and Nanaimo regions, as well as in the Fraser Valley and central Okanagan.
A 15% tax was levied in the Greater Golden Horseshoe area, from the Niagara region to Peterborough. Canadian residents or corporations. According to Statistics Canada, the first month after the imposition of the tax at the end of April, foreign buyers accounted for 4.7% of home sales in the region.
According to a separate report, no additional tax on foreign buyers should be imposed. Canada and Australia this year, and New Zealand is the only major investment destination planned this year.
The Chinese were unfairly accused of rising real estate prices, pointing to data suggesting other factors, including historically "After falling from an exuberant spike of 101 , 1 billion dollars in 2016, the Chinese international real estate investment seems again on a growth trajectory, although more stable and more moderate than we have seen. ", Said Judge Mike Donia of Re / Max Realty, Specialist Asian Buyers.
"I still get the same number of calls, the same number of potential customers.In fact, even more," he said in an interview, adding that the company is the only one of its kind. Interest grew because of anti-Trump sentiment.
The foreign buyers tax had an initial impact on "mom and pop" buyers. Donia adds:
More than half of Chinese buyers considering Canada were motivated to invest for their own use, nearly 26% for investment and 17% for education, according to Juwai. Chinese parents often buy properties for their children studying abroad. Canada is a destination of choice for Chinese students, reaching a record 138,467 in 2017, or 28% of the international student population, according to the report.
More than 40% of wealthy Chinese buy goods abroad.
Canada is the second most popular emigration destination for wealthy Chinese, with 64% of them having already migrated or planning to move abroad.
Nearly ninety percent Chinese interest came from 153 cities in China, led by Beijing and Shanghai. Nearly seven percent lived in Canada
Ontario attracted the most interest with inquiries for properties worth 500 million US dollars. Toronto, Ottawa, Waterloo and London
were followed by British Columbia with $ 328 million, Vancouver, followed by Victoria, Richmond and Kelowna.
Quebec attracted $ 112 million worth of properties. The greatest interest was in Montreal and then in Lachenaie, northeast of Montreal, Laval and Westmount.
In Alberta, surveys increased by almost nine per cent last year, reaching $ 56 million, after increasing 223 per cent in 2016.
The list of properties visited was a mansion Vancouver, valued at C $ 18.8 million, and other properties, priced as low as C $ 500,000.
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