Indian investors go for Brampton and Richmond
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.