Chinese property buyers are turning away from Vancouver towards other Canadian cities according to a new report from Sotheby’s International Realty Canada and Juwai.com.
Since Vancouver introduced its 15 per cent tax on foreign buyers, interest in markets other than Vancouver has gained but has not necessarily resulted in sales.
The majority of Chinese searching for Canadian homes are doing so for their own use including those coming here to study. Montreal is ahead of Toronto, Vancouver and Calgary for ‘education’ use, while Calgary is the clear leader for ‘own use’ other than study.
The data also reveals that most Chinese buyers are not looking for high-end investments; of the searches through the Juwai.com portal were for homes in the Vancouver area 57 per cent were priced below $650,050, rising to 67 per cent for Calgary and 68 per cent for Toronto and Montreal.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
