According to Canada Mortgage and Housing Corp. and Stats Canada, proportion of home buyers from China to buy homes in Montreal in 2017 and that increased significantly. As per CMHC analytics, local increase have been transferred in demand which triggered by imposition of foreign property taxes in Vancouver and Toronto to cool down housing market.
Valerie Plante, Montreal Mayor said that she wanted to grant city to impose similar tax if required, on Tuesday she discussed issue with Martin Coiteux, Municipal Affair Minister.
Proportion of non-resident property in Montreal Real Estate Market jumped to 1.7 per cent in 2017 from 1.1. Per cent in 2016, that make the city in 3rd place behind Toronto and Vancouver respectively. Increase in foreign property in Montreal was one of the largest of 17 metropolitan regions of Canada. A Wealthy Renter is available which is very helpful to know that How to Choose Housing That Will Make You Rich.
This increase is more remarkable given which number of foreign home buyers remained stable since 2014, when stats on this issue was compiled first.
Increase for 2017 was manifested in newly constructed properties in Montreal and Nun’s Island.
Among the foreign buyers, proportion of Chinese who acquired these apartments in Montreal Real Estate Market that increased to 21 per cent in 2017 from 10 per cent in 2016. Americans represent largest proportion of foreign buyers at around 28% where buyers from France represent around 17%. An Interactive City Guide on Montreal is also available to know about Montreal.
Two factors that might explain attractiveness to foreign buyers in Montreal’s apartment prices are lower than as comparatively to Vancouver and Toronto, whereas local economy remains strong.
However, CMHC notes that growing interest by foreign owners in Montreal Real Estate Market has not yet sparked increase in housing price in Montreal, difference between prices paid and asking prices which remain same for home buyers in local real estate market.