Based on a recent report by Sotheby’s International Realty Canada and Juwai.com, Vancouver happens to be losing a whole lot of Chinese property buyers as they focus on other cities in Canada. Ever since the 15 per cent tax on foreign buyers was introduced by Vancouver, the interest in markets apart from Vancouver went up, however, that didn’t cause sales to go up.
For most of the Chinese buyers that are in search of homes in Canada, they are doing so for their own personal use, together with those are come to Canada to study. In terms of education purposes, Calgary, Toronto and Vancouver are following behind, with Montreal leading the way, while Calgary is the main leader for ‘own use’, apart from ‘study use’.
Data showed that a large number of buyers from China have no interest in expensive investments, searches made via the Juwai.com portal was mostly for homes in the Vancouver area, 57 per cent prices ranged below $650,050, increased to 67 per cent in Calgary and Toronto and Montreal up to 68 per cent.