Syrians buying homes in Montreal
City seen as an affordable haven to those coming from civil-war-torn country
Provincial politics, corruption and weak economic growth all make investing in Quebec real estate a “risky” venture compared with the rest of Canada, a recent PricewaterhouseCoopers LLC survey of 1,000 business executives said.
But the growing number of Syrian buyers seeking a safe haven for their families and assets in Montreal say they’ll gladly take negative headlines on collusion, overzealous language inspectors — along with the controversy about religious symbols — over the civil war that’s ravaged their country.
“Safety is a relative concept,” said immigration lawyer David Cohen of the Montreal firm Campbell Cohen.
“We may think in Montreal, Quebec we have issues. But they are certainly not issues for people from Syria who are now in Dubai because they are stateless.”
Some Syrians, who left their country amid a civil war that has killed more than 110,000 and turned more than two million nationals into refugees, initially set up home in Montreal as tenants.
But they now are increasingly buying properties, according to brokers.
Syrian real estate broker Doris Masri says the number of those real estate purchases has increased in the past two years by about 40 per cent, adding that she does about three sales a month to Syrian buyers.
“Most of those who purchased here in Montreal are families with kids who are studying here and already settled here. Some of them were renting and now decided to buy. I believe the situation in Syria has to do with that,” she said.
“The parents themselves used to spend winters in Syria, but what is happening in Syria now made them think they better buy here instead of renting for the long term.”
Syrian buyers are mainly buying homes downtown, Bois de Saraguay, St-Laurent and Bois Francs, she said.
Another real estate broker, Joseph Masri (no relation to Doris Masri) said Syrians are also buying investment properties in Montreal since prices are relatively inexpen- sive compared with other Canadian and European cities.
Syrians tend to be especially discreet about their acquisitions, Joseph Masri said.
“Many Syrians find it hard to talk about their purchases and properties in Montreal publicly … since all of them have relatives who are living the daily war and death and killing and the hardship and dangers of war,” he said.
“In general, it would be highly insensitive for them to show they are well and safe and happy while their relatives are facing everyday death.”