Chinese Buyers Desire Canadian Real Estate For Educational Purpose

Searches on Canada largest real estate market by Chinese buyers are on the interest and new reports show that majority of Chinese buyers are interested in Canadian real estate because for their desire for Canadian schools.

Rather than acquiring homes for investment or personal reasons as many might suggest, Chinese buyers on the contrary are looking for homes to reside in in order get their kids in Canadian schools.

A joint data released by Sotheby’s International Realty Canada and Chinese international property portal Juwai.com states “education” was the driving force behind the search of Chinese buyers for homes in Vancouver, Toronto and Montreal. Additionally, personal use was the second contributing force behind their search.

However, Toronto took the lead of becoming the most searched city in comparison to its counterparts including Vancouver, Montreal, Calgary and Ottawa. In respect to a country as a whole, Canada was one beaten by the United States and Australia as the most searched country.

Regardless of whether the unit will only accommodate the school going children or for the entire family to reside in, Chinese buyers are citing education as the biggest motivation for buying Canadian real estate.

Interestingly, the report also indicates that Chinese buyers are also interested in homes that are below $655, 0503 which is significantly below the average home price in Vancouver, Calgary, Toronto and Montreal.

However, last year, before the 15% tax was imposed on foreign buyers, there was a great interest by Chinese buyers in luxury homes. There was a 1.6% increase in inquiries during the Q3 last year before the tax took effect. But since the tax was implemented, the attention of Chinese buyers shifted to other areas and Toronto is evidently one of such areas.

For the time being, luxury homes in Montreal and Calgary experienced a greater interest from Chinese buyers in 2016 but according to the report, these regions will not be affected by the tax implemented in Vancouver as foreign buyers are less attracted to these cities than Toronto or Vancouver.