This is despite harsher rules against money laundering and intensified taxation of foreign buyers
Latest data from international property listing portal Juwai.com showed that in 2017, Canada continued to be a favoured property investment destination for Chinese home buyers despite higher foreign buyer taxes in B.C. and Ontario.
In the first half of 2017, Chinese buyer interest in Canadian real estate grew 30% year-over-year.
“While some Chinese buyers gravitated towards the U.S. — especially nearby Seattle — Chinese demand for Canada held steady over the past 12 months, likely thanks to its top-notch education and lifestyle appeal,” the Juwai report stated.
According to the same Juwai data, Canada was the third most-viewed country for Chinese investors buying foreign properties, after the U.S. and Australia.
By metropolitan market, Toronto had the most views in Juwai’s catalogue in 2017, defying expectations that the introduction of a 15% non-resident speculation in the Greater Golden Horseshoe region will lead to lower Chinese interest.
Vancouver was the second-most viewed, followed by Montreal and Calgary.
And despite the spectre of further interest rate hikes along with a new national mortgage stress test that came into effect on January 1, Juwai noted that overseas investors are expected to continue gravitating towards Canadian real estate.
“After all, with home prices predicted to cool significantly this year due to this combo of stricter mortgage rules and raised interest rates, aspiring homebuyers who have been sitting on the sidelines could possibly be tempted to get back into the fray, including the Chinese,” the report explained.