Increase in foreign buyers in Montreal but impact is low says CMHC

The proportion of foreign home buyers in the Montreal area is increasing but remains low according to a new CMHC report.

Despite a year-over-year jump of almost 40 per cent in the first 4 months of 2017, the total number of foreign buyers was just 235.

“Although the number of foreign buyers has continued to increase in the Montréal area since the beginning of 2017, purchases by foreign buyers represent only about 2 per cent of all transactions in the residential market.”

commented Francis Cortellino, Principal Market Analyst, Canada Mortgage and Housing Corporation.

Chinese buyers increased their share of foreign buyers in Montreal to around 17 per cent of the total compared to 10 per cent a year earlier and they are more likely to buy single-family homes (40 per cent) compared to American (28 per cent) or French (17 per cent) buyers.

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