Municipal governments are starting to put green standards in place for developers and builders to follow to help protect the planet. But will it really work?
Latest data from international property listing portal Juwai.com showed that in 2017, Canada continued to be a favoured property investment destination for Chinese home buyers despite higher foreign buyer taxes in B.C. and Ontario.
In the first half of 2017, Chinese buyer interest in Canadian real estate grew 30% year-over-year.
“While some Chinese buyers gravitated towards the U.S. — especially nearby Seattle — Chinese demand for Canada held steady over the past 12 months, likely thanks to its top-notch education and lifestyle appeal,” the Juwai report stated.
According to the same Juwai data, Canada was the third most-viewed country for Chinese investors buying foreign properties, after the U.S. and Australia.
Read more: Agent slams B.C. Green Party proposal
By metropolitan market, Toronto had the most views in Juwai’s catalogue in 2017, defying expectations that the introduction of a 15% non-resident speculation in the Greater Golden Horseshoe region will lead to lower Chinese interest.
Vancouver was the second-most viewed, followed by Montreal and Calgary.
And despite the spectre of further interest rate hikes along with a new national mortgage stress test that came into effect on January 1, Juwai noted that overseas investors are expected to continue gravitating towards Canadian real estate.
“After all, with home prices predicted to cool significantly this year due to this combo of stricter mortgage rules and raised interest rates, aspiring homebuyers who have been sitting on the sidelines could possibly be tempted to get back into the fray, including the Chinese,” the report explained.
The survey shows that buying a home in a major city centre has risen 5% since last year.
The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.
Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.
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