For­eign home buy­ers surge 37 per cent in Mon­treal on growth in Chi­nese pur­chases

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Mon­treal: Canada’s fed­eral hous­ing agency says the num­ber of for­eign buy­ers in the Mon­treal area surged by 37 per cent in the first four months of the year. The 236 pur­chases by for­eign­ers ac­counted for 1.8 per cent of all real es­tate trans­ac­tions from Jan­uary to April, the Canada Mort­gage and Hous­ing Corp. said in a re­port. That’s up from 172 deals rep­re­sent­ing 1.3 per cent of to­tal sales a year ear­lier dur­ing the same time pe­riod. By com­par­i­son, home pur­chases by for­eign buy­ers in the Van­cou­ver area have hov­ered around three to four per cent of all trans­ac­tions since the in­tro­duc­tion of a 15 per cent for­eign buy­ers’ tax last Au­gust. In the Toronto area, about five per cent of trans­ac­tions were made by for­eign­ers be­fore a tax was added in April. Buy­ers from China ac­counted for the strong­est growth in Mon­treal, rep­re­sent­ing 17 per cent of all for­eign buy­ers, up from less than 10 per cent in the first quar­ter of 2016. The num­ber of buy­ers from China more than tripled since the adop­tion of the Van­cou­ver tax, while the num­ber of French and Amer­i­can buy­ers in­creased by about 33 per cent. Con­do­mini­ums were the first choice of for­eign buy­ers but 40 per cent of Chi­nese buy­ers se­lected sin­gle-fam­ily homes. The me­dian price they paid for these homes was about $720,000 while 25 per cent ex­ceeded $1 mil­lion, far greater than prices paid by Amer­i­can and French buy­ers.

Photo: www.mon­tre­al­ci­tys­tate.ca

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