You know that international buyers are important, but are they important enough to warrant an agent’s investment of serious time and effort?
If you believe Statistics Canada, you might think so. The official Canadian authority on data issued a report showing that owners who live in other countries hold $37.37 billion worth of property in the Toronto area alone.
Buildings constructed after 2016 have about twice the non-resident ownership rate as older buildings. This implies that a large amount of foreign buying has taken place in the past half-decade.
To be clear, not all non-residents are foreigners. Some are Canadians who live overseas and still own a property back home. Still, the Statistics Canada data is the best we have on foreign residential ownership.
Other data highlights the situation from another angle. Juwai IQI’s Top 10 Asian Buyer Picks for 2020 report revealed that Canada is the fourth most-popular destination for Asian cross-border buyers overall.
Read more here.
This article is written by Yousaf Iqbal.