Little uncertainty that Canadian real estate is an alluring market for foreign purchasers nowadays. In any case, for all the attention and civil argument on the issue, we understand shockingly minimal about exactly how much of the market is foreign-owned and what influence that has, especially on house costs.
Canada’s largest real estate company Royal LePage has made attempts to clarify major questions surrounding international real estate ownership by surveying its market advisors concerning their experiences with sales of luxury homes but instead, the results raised more questions than they answer.
Reports show that foreign buyers make up to 25 per cent of the Canada real estate market in the purchase of luxurious homes. CEO and president of Royal LePage Phil Sopher said “Personally, I was surprised that number was as high as it was on a national basis” because 25 per cent was obviously more than the estimates for the condo market by CMHC last year April which summed ownership of condos in Vancouver of about 6 per cent since 2010 and also 7 per cent of condos in Toronto by foreign buyers.
In the Vancouver region, for instance, 33% of agents said non-Canadians possessed no less than 30% of luxury homes. near Toronto, it’s considerably more begging to be proven wrong with 29% of agents reporting no less than 20% of luxury properties being foreign owned, while 39% said foreign ownership is beneath 5%.
Though ownership of luxury homes by foreign investors is still up for debates, it is also agreeable that more foreign buyers are purchasing luxury homes in Canada. According to 79 per cent respondents in Vancouver, Vancouver has received more foreign sales since 2015. Canada-wide, 67 per cent reported that Canada has witness an increase in foreign buyers’ purchases in the last year.