While Vancouver may have a reputation as a city with with a high percentage of foreign interest in property purchases, a new report suggests the growth of that interest is still outpaced by two other major Canadian cities: Toronto and Montreal.
And according to Juwai.com – a Chinese website for buyers of overseas property – Montreal saw the highest percentage of continued interest in property purchases from prospective overseas buyers in a two-year time period between 2015 and 2017.
From 2015 to 2016, the number of enquiries regarding Montreal properties grew 66.4%. From 2016 to 2017, it grew a further 37.6%.
The number of monthly online views of Quebec property also grew steadily, by 41.7% between 2015 and 2016, and a further 20.4% in 2017.
Of these, 56.2% of those interested were looking for a property for their “own use,” while 26.3% were looking for an investment property.
In Ontario, while the number of property purchase enquiries grew by a large margin from 2015 to 2016 – 79% to be precise – it dipped from 2016 to 2017 by 15.5%.
It was much the same up-and-down story when it came to the number of monthly online views of Toronto properties. Between 2015 and 2016, views grew 42.9%, before dipping by 10.7% from 2016 to 2017.
In Vancouver, the number of property purchase enquiries grew by 32.3% between 2015 and 2016, and then it dipped from 2016 to 2017 by 15.5%.
Similar up-and-down trends were experienced with number of monthly online views of Vancouver properties. Between 2015 and 2016, views grew 36.7%, before dipping just sightly by 6.3% from 2016 to 2017.
The report also contained other information into the buying behaviour and patterns of prospective buyers.
It found that, in total, Chinese buyers inquired on $1.45 billion worth of property last year, with the top destinations being Toronto, Vancouver, Montreal, Calgary, and Ottawa.
The top Chinese areas that are sources of Chinese buyers are Beijing, Shanghai, Guangdong, Jiangsu, and Shandong, with 89% of buyers located in mainland China.
Canada, the United States, Hong Kong, and Taiwan are the top non-mainland China sources of Chinese-language buyers in Canada.
The report also found that buyers who are purchasing for their own use are more than twice as prevalent as those buying for investment.