Overseas property buyers interested in purchasing a home in Canada are increasingly turning their attention to Montreal.
Whereas Toronto and Vancouver have traditionally been the main cities of interest for foreign investors, new taxes introduced to stem the flow of foreign buyers have caused many to look elsewhere. And Quebec-based Montreal appears to be the destination of choice for many.
The latest data from the Canada Mortgage and Housing Corporation (CMHC) shows that there was a 30 per cent rise in the number of foreign buyers of property in Montreal in the first half of this year.
During this period, 425 foreign buyers purchased a residential property in the city, compared to 330 in the first six months of 2016. And experts believe that as more and more investors are put off a potential purchase in Vancouver and Toronto, Montreal could become even more popular.
Colin Bogar, a real estate broker based in Shanghai, said he’s seeing a growing interest in Montreal. The city is currently the 10th most-researched location on the online platform Property Passbook.
“The investor profile has changed a bit,” said Francis Cortellino of the CMHC. “There are more investors from China, where it used to be dominated by France and the United States.”
Article published 9th August 2017