In an article published on the CENTURY 21 Canada website, broker Randy Ramadhin reported that the CEO of the Chinese overseas property directory Juwai.com, Charles Pittar, expressed confidence at the continuous expansion of Chinese investment in Canadian housing this year.
“In total last year, Chinese buyers made inquiries to property sellers like agents and developers worth US$14.9 billion. Not every one of those would have converted into a sale, but the number does give you a sense of the scale of Chinese interest,” Pittar said.
“Toronto is the most popular Canadian city for Chinese buyers, although I think sometimes Vancouver feels like it is the leader,” he added.
Apart from Canada’s two most in-demand metropolitan markets, other locales would also enjoy a windfall from sustained Chinese interest, Pittar stated.
“We see buyer interest spreading across the country. The traditional gateways are still important destinations for buyers and immigrants, but the rapid growth of buyer interest in Montreal shows that city is succeeding in attracting some of this investment,” he argued.
“Barring any big changes in the environment, we expect Chinese investment in Canadian real estate to increase in 2016, and the impacts of that investment to be spread more widely as these buyers move into new markets,” Pittar concluded.
Recent figures back up these claims: In 2015, Quebec saw an astounding 348 per cent growth on a year-over-year basis in buyer inquiries coursed through Juwai.com. Meanwhile, Ontario experienced a 143 per cent increase in this metric over the same period.
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As one of the most active foreign purchasing populations in Canadian real estate markets, Chinese buyers and investors are showing no signs of slowing down any time soon—a notion that has been strengthened by the recent statements of an industry executive.