For several years now, Toronto and Vancouver have been battling foreign buyers in the housing market whom many believe contribute towards the rising home prices and to help ease the stress, Manitoba suggests a solution the problem.
Real estate agents in the Manitoba areas suggest that the only way out for Toronto and Vancouver to solve their home foreign investor concerns is to sending them to the Manitoba area.
Manitoba real estate agents stated that if Toronto and Vancouver are having difficulties with foreign investors, they do not have any issue with theses buyers and they should be sent their way instead.
According to Chris Pennycook, the president of the Manitoba Real Estate Association, the province needs the presence of international investors and is also ready to welcome more buyers into its area.
He went on to add that the city is luring investors to its shores and Pennycook who represents approximately 2,200 agents in Manitoba, noted that the province is a very diverse area and is doing all it can to improve on trade and international investors.
The decision of Pennycook to invite foreign investors is to help ease the stress on Toronto and Vancouver who have been doing everything possible to get rid of these buyers. Foreign investors’ related issue has been on the agenda for every real estate discussions in these cities.
Both cities recently implemented tax against foreign buyers and recent data in the GTA indicates that foreign buyers are still involved in the market despite that fact that the Ontario government levied a tax against foreign buyers in April. However for the time being, it is too early to determine the tax has any effect on foreign buyers.
The foreign buyers’ tax was first introduced by the British Columbia government in August last year but recent figures have also shown that the market is making a recovery from the tax.
According to Pennycook, in comparison to Toronto and Vancouver, Manitoba does not have the same number of foreign buyers in the market and for these buyers looking for other markets, Manitoba area is a great option. The average home price in Winnipeg in April was $302,983 while in Vancouver and Toronto was $1,056,136 and $920,791 respectively.
Real estate agents in Manitoba suggests that if the area is able to improve on its trade dealings it will in turn develop the housing market which will also help the Manitoba economy.