Juwai- Montreal becoming hot spot for Chinese real estate buyers
Juwai- Montreal becoming hot spot for Chinese real estate buyers as interest in last year slipped down in Vancouver and Toronto. According to Juwai.com buyers from China inquired around $1.45 billion worth of Canadian properties in year 2017.
Interest in Montreal Real Estate Market hiked by 84.5% in year 2017 and 43.3% earlier a year. Properties in largest cities of Canada dropped by 25% in year 2017 after doubling between years 2015 and 2016.
Taxes from Foreign Buyers may be the reason
Taxes in Vancouver Real Estate Market fell down by 18% as comparative to the tax of 9.3% of the previous year. Metro Vancouver had 15% tax on home buyers from foreign since 2016.
New provincial government hiked to 20% and imposed all this in the Nanaimo and Victoria areas, as well as the central Okanagan and Fraser Valley.
15% of tax was imposed in the Golden Horseshoe area that stretch to the Peterborough from the Niagara Region on home buyers who are not the permanent residents, citizens or corporations from Canada. In the very first month after tax was imposed in the late April, buyers from foreign made up 4.7% of home sales in this region.
According to a separate report no additional taxes from buyers from foreign are expected to get imposed in Australia and Canada this year, and New Zealand is one of the major investment destinations which is being considered this year.
Chinese blamed unfairly
Chinese were blamed unfairly for increase in price of property, report also said to point out that data which suggested that other factors were at play, that include growth in population and low rate of interest.
According to Juwai, after retreating from a peak of $101.1 billion US in year 2016, investments in Chinese real estate again appears on a growth path.