28 June 2018

There’s a 15% foreign buyer tax in Toronto and a 20% tax in Vancouver on top of the 2% speculation tax, which was probably created for the foreign speculators.

Carrie Law, Juwai’s CEO believes Canada has already introduced enough measures, so we won’t see any new changes during the next 1-1,5 years.

According to Law, the most popular Canadian markets for Chinese buyers are Toronto, Montreal, Vancouver, Calgary and Ottawa.

Lately, Montreal, has faced a significant increase in the housing activity, as the foreign buyer taxes in Toronto and Vancouver affected local affordability and made Montreal more attractive for investors.

Although Montreal is recovering with the current higher than earlier activity, Toronto is still the most desirable destination.

“Montreal is a great destination and it deserves way more international investment than it receives today,” – Law noted. “Toronto has factors supporting the market demand which will not go away: the English language, educational system, and job market.”