Homes and Condo Mississauga

Canada was the third most popular real estate hotspot for Chinese homebuyers in 2017








Photo: James Bombales

Canada remained a favorite investment destination for Chinese home buyers last year, despite foreign buyer taxes in BC and Ontario.

According to the international list website Juwai.com, Canada was the third most-visited country for Chinese investors buying real estate abroad in 2017 – the US took the top position, followed by Australia.

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In the first half of 2017, the Chinese buyer interest in Canadian real estate grew by 30 percent year-on-year, according to the latest report from Juwai .com published on Wednesday.

"While some Chinese buyers moved to the US – especially near Seattle – Chinese demand for Canada remained stable over the past 12 months, probably thanks to eye-catching upbringing and lifestyle appeal," the report reads. .

Juwai.com also followed the top countries for Chinese buyers in 2017, but Canada did not reach the top three. Instead, Thailand took third place after the US and Australia.

When Toronto was broken down to most siteviews in Canadian cities, Toronto took first place in 2017 – despite a 15 percent non-resident speculation tax that was introduced for Ontario's Greater Golden Horseshoe region in April 2017.

Vancouver was the second most viewed, followed by Montreal and Calgary – all unchanged from 2016.

But will Canada remain an investment destination for Chinese buyers in 2018?

Although a new national mortgage stress test came into force on 1 January and interest rates are expected to rise this year, according to Juwai.com, foreign investors can continue to enter the Canadian housing market.

"After all, with house prices predicted that this will cool considerably year due to this combination of stricter mortgage rules and increased interest rates, prospective home buyers who have been sitting on the sidelines may be tempted to go back into the fight, with including the C hinese, "the report reads.

BC could experience the opposite outcome, as the provincial government recently announced that foreign buyer tax will rise from 15 percent to 20 percent.

As a result, Juwai.com says Chinese buyers can turn their interest to other parts of the country, such as Montreal and Ottawa.

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