It's not China, but Canadian real estate agents looking to Asia for new clients can't afford to overlook this country and its growing demand for North American property.
A new report is suggesting Indian nationals, drawn from a burgeoning middleclass, are increasingly on the hunt for real estate in the U.S. and Canada.
Indians, in fact, have upped their purchases in key markets even as other foreign investors ease up on the trottle, according to the "2013 Profile of International Home Buying Activity." It follows the 12-month period ending March 2013 and relies of Realtors reports from 68 countries.
While U.S. cities such as Chicago, Dallas and Houston are drawing the bulk of thousands of home buyers, north of the border, Indian investors are focusing their attention on suburban areas across the country and not just on the Lower Mainland and the GTA, say real estate professionals.
The property types are less varied, says the report: About 90 per cent were detached single-family properties, with only 7 per cent in commercial or land.
Also important to note: More than 20 per cent of those purchases were all-cash.
The growth in foreign investment from India coincides with a slight deep in the nation's economic growth. That uncertainty could, in fact, fuel the continuing move to invest in Canada as the well-heeled pull money out of India's equity markets and look for the safe harbour of Canadian real estate.
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