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Montreal Real Estate Sales See 37% Surge in Foreign Buyers: CMHC

  • date 2017-07-19 |
  • by Homelife Galaxy |

According to the Canadian Mortgage and Housing Corporation, the number of foreign buyers in the Montreal region has increased by 37 per cent in the first four months of 2017.

According to a report released by the Canada's Federal Housing Agency, from January to April 2017, there were 236 purchases by foreigners. This accounted for 1.8 per cent of all real estate transactions from that time period.

Purchasers from China accounted for the strongest growth in Montreal representing 17 per cent of all foreign buyers. This number is up from less than 10 per cent in the first quarter of last year.

Since the foreign buyer tax was introduced in Vancouver, the number of buyers from China has more than tripled in the Montreal region. The number of American and French buyers jumped by approximately 33 per cent. Condo units were the top choice of home type for foreign buyers however, 40 per cent of buyers from China chose single-family homes. The median price they paid for these homes was approximately $720,000.

 Out of the homes purchased, 25 per cent of them exceeded $1 million which is far greater than prices paid by French and American home buyers.
In the Toronto region, approximately 5 per cent of transactions were made by foreigners prior to the foreign buyer tax was introduced in April.

Reference: BNN

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