Latest figures from real estate giant CBRE Ltd. revealed that Chinese buyers purchased approximately $1.3 billion worth of Canadian commercial real estate in the first half of 2016 alone.
This has made Chinese the undisputed leading foreign buyers of commercial properties in Canada, representing approximately 65.4 per cent of the deals across the country in the same six-month timeframe, CBC News reported.
The most significant purchase was by the mainland-based Anbang Group, which bought the Bentall Centre in Vancouver for over $1 billion. Anbang also acquired the the Waldorf Astoria in New York City two years ago.
CBRE explained that finding a safe haven for capital is the main motivation among China’s state-owned firms for snapping up Canadian properties. The firm added that a low Canadian dollar and greater post-Brexit uncertainty would make Canada more attractive for Chinese investors over the next year.
Asian and European investors have come to the commercial property investment forefront in Canada in recent years, although the CBRE emphasized that no correlation exists between this development and the similarly increased prominence of foreign nationals in the Canadian housing sector.