Many of these foreign home owners come from countries like China, Mexico, Russia, Syria, and the United States of America. They are usually couples with children and purchased single-family homes that are 5,000 square feet and worth $3.5 million. They can be found working in the industries of finance, law and technology, and earn approximately half a million dollars a year; some of them started and manage their own businesses.
Sotheby’s stated that of the 206 homes worth at least $1 million, these foreign home owners bought 49 per cent of them during the first half of this year.
In contrast, Vancouver’s foreign home owners are estimated at 40 per cent, while Toronto’s are approximately 25 per cent.
A survey by Sotheby’s International Realty Canada has revealed that Montreal has the most number of home owners who are foreigners, compared to Toronto and Vancouver.