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Old Posted Jul 13, 2017, 7:53 PM
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Montreal now trumps Vancouver for China-based buyers

Montreal now trumps Vancouver for China-based buyers

City slips into third place as destination for Chinese seeking Canadian real estate

By Frank O'Brien | July 11, 2017, midnight

Montreal will surpass Vancouver this year as the Canadian destination for mainland China-based real estate investors, according to China’s largest foreign-market real estate portal.

The data is based on 2017 property searches on Juwai.com, the No. 1 Chinese international property portal with more than two million monthly visitors from China. The survey revealed that the United States remains the top market for Chinese investors. Canada is in fourth place, ahead of the United Kingdom but behind Australia and Hong Kong.

The year 2016 “is the first time in history that Chinese buyers acquired more than $130 billion of international real estate,” said Sue Jong, chief of operations for Juwai.com.

In order of property searches this year, the top Canadian destination cities are Toronto, Montreal, Vancouver, Ottawa and Victoria.

The introduction in August 2016 of a 15% foreign-buyer tax on Metro Vancouver real estate might have helped to bounce Vancouver out of its first-place standing for Chinese real estate investors, Juwai suggests. Ontario introduced a similar tax earlier this year. According to a Juwai survey of more than 2,500 Chinese consumers who inquired about Canadian property in 2017, the top reasons they are seeking to buy a home in Canada are education (24.2%), investment (31.9%) and own use (75.1%).

Buyers from China accounted for 17% of all foreign homebuyers in Montreal this year, up from less than 10% a year earlier, according to Canada Mortgage and Housing Corp. Figures released last week by B.C.’s Ministry of Finance show that foreign buyers accounted for 6% of the value of all B.C. residential sales from June 2016 to May 2017. No details were provided on where the foreign buyers were from.

...

https://www.biv.com/article/2017/7/m...-based-buyers/
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  #2  
Old Posted Jul 13, 2017, 8:07 PM
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Another article about home buyers. why not one about all the foreign equity being funneled into the development of the homes? That's more a cause of developers overspending and, in turn, passing it onto consumers in places outside of Vancouver.
     
     
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Old Posted Jul 13, 2017, 8:40 PM
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Should there just be a real estate thread?
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Old Posted Jul 13, 2017, 10:27 PM
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There is a real estate thread and this was already discussed.

At the end of the day, property searches are not the same as property sales, and there is evidence that Chinese buyers are continuing to ignore the Montreal market, despite short term increased search activity.
     
     
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Old Posted Jul 13, 2017, 10:28 PM
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The amount of Chinese I see at YUL airport nowadays is staggering. It was a rare sight as early as a few years ago. Surely the non stop flights to Beijing and Shanghai factor in here as well.
     
     
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Old Posted Jul 14, 2017, 12:03 AM
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As I've said before, once locusts pick one field clean they are forced to move on to another.
     
     
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Old Posted Jul 14, 2017, 1:10 AM
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Quote:
Originally Posted by geotag277 View Post
There is a real estate thread and this was already discussed.
Indeed. We already have a real estate thread. Please try to keep all discussion to that thread.

Thanks.
     
     
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