Homes and Condo Mississauga

Canada remains a prime hotspot for Chinese home buyers – report

 Canada continues to be an excellent hotspot for Chinese home buyers - report Last data from international real estate offering portal showed that Canada remained a favorite property investment destination for Chinese home buyers in 2017 despite higher foreign buyers’ taxes in BC and Ontario.

In the first half of 2017, the Chinese buyer investment in Canadian real estate grew by 30% on an annual basis.

“While some Chinese buyers moved to the US – especially in the Seattle area – Chinese demand for Canada has remained stable over the past 12 months, probably thanks to its excellent upbringing and lifestyle appeal,” Juwai’s report said.

According to the same Juwai data, Canada was the third most-visited country for Chinese investors who bought foreign assets, after the US and Australia.

Read more: New Vancouver policy puts pressure on wealthy Chinese buyers

On the metropolitan market, Toronto had the most view in the Juwai catalog in 2017, challenging the expectations introduction of 15% non-resident speculation in the Greater Golden Horseshoe region will lead to lower Chinese interest.

Vancouver was the second most viewed, followed by Montreal and Calgary.

And despite the specter of further interest rate hikes together with a new national mortgage stress test that came into force on 1 January, Juwai noted that foreign investors are expected to continue to float in the direction of Canadian real estate.

“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 Chinese, “the report explained.

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