In­dian in­vestors go for Bramp­ton and Rich­mond

Hindustan Times (Chandigarh) - Estates - - ESTATES - Nam­rata Kohli ht­es­tates@hin­dus­tan­ Richard Sil­ver

Richard Sil­ver leads the Canada team at Sotheby's In­ter­na­tional Realty Canada. From the sit­u­a­tion in the US to In­dian in­vestors in Canada, he has a lot to talk about. With con­cerns over pos­si­ble ban­ning of H-1B visas, will Amer­ica’s loss be Canada’s gain? I am cer­tain that Canada will be­come the first choice for im­mi­gra­tion for most peo­ple. Cana­di­ans are far more lib­eral peo­ple and have spe­cial af­fec­tion for fel­low In­di­ans. Toronto and Van­cou­ver have been tradi- tion­ally high on the pref­er­ence list for for­eign in­vestors. The oc­cu­pant pro­file of Van­cou­ver (is pri­mar­ily Chi­nese and Van­cou­ver has al­ways had 30-40% higher cost than Toronto. So many peo­ple have been com­ing to Van­cou­ver that the gov­ern­ment has re­cently brought in an ad­di­tional 15% tax for for­eign buy­ers (tar­geted mainly at the Chi­nese im­mi­grants). Toronto has a mix of In­dian, Rus­sian, Ir­ish, Bri­tish and oth­ers. Are In­di­ans ac­tu­ally buy­ing abroad? Bramp­ton and Rich­mond are very pop­u­lar with the In­dian in­vestors and both places have a large Asian com­mu­nity. To­day a lot of im­mi­grants come for bet­ter ed­u­ca­tion of their chil­dren. Canada is pop­u­lar with health­care pro­fes­sion­als. The place where I stay has only four pri­vate res­i­dences and three of them be­long to doc­tors from India who I have for neigh­bours. What about de­mon­eti­sa­tion? If we look at the larger pic­ture, it seems to be a bold move to clean up the sys­tem, how­ever much the in­con­ve­niences. Like when I was com­ing to­day morn­ing from the air­port I could not get cash at the ATMs. Un­ac­counted for money, needs to be strictly dealt with. I of­ten won­der how Chi­nese HNIs are buy­ing prop­erty worth $5mil­lion when China lim­its the amount of money an in­di­vid­ual can move out of the coun­try to $50,000 a year. Canada is strict and any­thing over $10,000 in the bank has to be re­ported. That's why we ask our for­eign in­vestors to first put their money in their bank ac­count and then trans­act through the bank.

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