Reports from media outlets nationwide have done a good job in keeping the public informed about the current housing ‘crisis’ occurring within the borders of Canada.
In a nutshell, sales in houses have grown since last year but demand has showed no sign of slowing down. Construction companies are still under pressure to build more houses as members of the public are apparently still in need. House prices have also skyrocketed as a result of the overwhelming demand and limited supply.
However, proof of such demand is hardly more evident elsewhere than in the amount of foreign real estate investment coming into Canada from countries such as India, the United Kingdom and in particular, China. This Asian country is no stranger when it comes to making foreign real estate investments in Canada with Canada ranking just third in the list of top destinations for wealthy investors from China.
News of China’s investments should come as little surprise given the fact that air and water in most parts of China is believed to be heavily polluted. This poses a dangerous health hazard to anyone living in such areas of the county and has become a major cause for migration.
Therefore, most Chinese citizens are turning to countries like Canada in search of greener pastures as pollution and contaminated waters continue to plague their homeland. China is home to an estimated 3.6 million millionaires and it has been reported that at least 100,000 of these Chinese millionaires have moved to Vancouver alone.
Toronto has also attracted property investments from China which is set to bring an increase in the already comparatively large number of residential towers currently built in the city.
Statistics Canada has revealed that there is an estimated 34,500 people looking to move to British Columbia this year. This number is also estimated to increase to 45,000 in the next three years with about 65% of wayfarers emigrating from Asia, mainly China.
China’s interest in Canada has brought about a considerable rise in housing demand and Chinese investors are making noteworthy advances to the country’s foreign investment. Hopefully, Canada will be able to keep up with the rising demand in housing and prove to be the safe haven most settlers have left their countries for.