Foreigners Being Cautious Over Housing Market in Calgary and Montreal

Following the endorsement of foreign buyers’ taxes in Vancouver and Toronto, more speculation and comments has been made by the industry concerning Montreal and Calgary being the next ideal destination for housing investment. Local broker and market players conversely pointed out initial interest shown in pre-purchase request and online searches has not been converted into real volume.

Brad Lamb, a real estate developer noted that he came across some difficulties in encouraging Chinese interest in Edmonton and Calgary via placing listings of housing improvements in these metropolises.  Lamb elucidated that; “They’ll have their kick at Montreal and maybe Calgary, but they’ll never be as big as Vancouver or Toronto. I gotta tell you, it’s been a gigantic waste of time.”

The population of Asians in Montreal and Calgary does not seem to be substantial, however, they have amenities and post-secondary schools that might possibly attract families and student from other countries. Specifically, Montreal’s necessity of familiarity with English and French for full support in the city’s affable society and financial framework remains as a critical boundary to admission.

Montreal-based specialist Yu Li basically works with Mandarin and Cantonese-talking customers, however he clarified that while a hefty portion of them have demonstrated enthusiasm for the city’s extravagance homes and recently manufactured condominium elevated structures, despite everything he doesn’t see a noteworthy upward pattern in the extent of Asian financial specialists sooner rather than later.

Li mentioned; “I don’t see a bubble forming. It’s going to take quite a few years yet before it becomes a true sellers’ market balanced out with buyers,” he added that his customers are more interested in the affordability of housing market in Montreal.