More and more foreigners gravitating towards the Montreal market

by Ephraim Vecina09 Aug 2017
CMHC data from the first half of 2017 revealed a steady trend of foreign capital holders flocking into the Montreal residential real estate market, with the number of these buyers growing by 30 per cent over the previous year.

And while this influx represented only 1.3 per cent of all home sale transactions in Montreal from January to June 2017, the CMHC noted that the phenomenon is likely being driven by an investor exodus from the 15 per cent foreign home buyers’ taxes in both Toronto and Vancouver.

“The investor profile has changed a bit,” CMHC principal market analyst Francis Cortellino told CBC News.

“There are more investors from China, where it used to be dominated by France and the United States.”

Unsal Ozdilek of the Université du Québec à Montréalor’s School of Management opined that a compelling motivator for foreigners to put roots in Montreal is the city’s enviable assets, including air and water quality and safety, while not being as ruinously expensive as other local and international markets.
 
Shanghai-based real estate broker Colin Bogar echoed these sentiments, noting an observable increase in interest in Montreal from his end, mainly because of the city’s economy, transit system, and higher education institutions. He added that this attention started to intensify even before the implementation of the taxes in Toronto and Vancouver.

COMMENTS

  • by Steve 8/9/2017 1:09:00 PM

    Wherever there is major urban area and no tax, there will be money from China.

  • by Ally 8/10/2017 10:02:15 AM

    Finger in the damn Toronto and Vancouver. Even if every city imposes a tax this will continue.

  • by George 8/11/2017 7:34:57 AM

    ..Ah, Montreal...it really is a beautifull city, this year 375 years old, and aging gracefully. The architecture is evident in its buildings' design. The waterways around Laval give it an added dimension, the parks and the Laurentians within an hour up hwy 15 north. Allways an exciting city to visit and once you're past Oshawa the drive really begins.

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