At last some data on foreign investors… Calgary condo sales boom… And students hit by rentals shortage…
Chinese connection to Vancouver housing
A real estate company in Vancouver has provided a snapshot that much of the available data does not. Macdonald Realty says that more than a third of the buyers of single-family detached homes that it sold last year have a connection to mainland China. The company says that those purchasers paid more money for their homes too, paying over $2 million compared to the $1.4m average. Dan Scarrow from the company says that despite the large volumes of buyers and cash from China, he has not seen much evidence of the controversial practice of overseas investors buying, but not residing here. There are many realtors who are already, or are planning to, actively target overseas investors, especially the Chinese. Some have opened offices in China or undertake marketing initiatives to attract buyers from the country. Read the full story.
Condo resales booming in Calgary
Condos are king in Calgary with sales up 20 per cent year over year and no sign of that abating. Linda Lam of Sotherby’s International says that people like the condo lifestyle; the convenience, location, security and amenities. She says that the city is popular and the relative affordability of condos in Calgary compared to some other markets is driving demand. Ann-Marie Lurie CREB says that with the rental market being so tight many are realising that they can afford to buy. Resales and sales of new condos and townhouse condos are trending up and construction in the sector is working hard to keep pace. Read the full story.
Students seek housing solutions
They’re about to head back to school and for many first year university students the accommodation choice is easy; the dorms. For those heading back to college though they are often seeking a bit of independence and that is presenting challenges in many areas. The rental markets are tight in a lot of our major cities and many students are finding that they can’t find anywhere affordable to live. For those who rented last year, the leases may be ending and not being renewed at the same rates. An option for some families is for mom and dad to buy an investment property. Their kids get to use it while studying and in three or four years’ time they can sell or put it on the rental market. Read the full story.
There’s a lot of pressure to get started in those building projects and sometimes things get overlooked. On one Toronto street corner pedestrians have been wondering where the crossing signal and timer has gone. It’s still there actually, but obscured by a construction hoarding for a new condo development. Read the full story.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate