Foreigners don’t buy Calgary & Montreal real estate just because it’s cheaper there

Is Calgary the next property hot spot for foreign buyers?

Apparently the answer is out… Confirmed : Nope.

Foreign Investors are Still not Rushing to Montreal and Calgary

Actually,

Foreign investors ignoring Calgary, Montreal real estate markets

Calgary has a glut of unsold condos, so earlier this year, with a tax on foreign buyers in Vancouver and another looming in Toronto, real estate developer Brad Lamb decided to take a chance on China.

Sales representatives with the Juwai.com Chinese real estate portal had been pestering Mr. Lamb to advertise with them. He posted listings for developments in Calgary and Edmonton to see if he could drum up foreign interest.

“I gotta tell you, it’s been a gigantic waste of time,” said Mr. Lamb, founder of Lamb Development Corp. Mr. Lamb had a long-standing suspicion confirmed that Chinese buyers prefer dealing with Chinese brokers. But on top of that, it reinforced fundamental differences between Canada’s second tier of real estate markets, and Vancouver and Toronto – foreign investors just aren’t that into Calgary. “They’ll have their kick at Montreal and maybe Calgary, but they’ll never be as big as Vancouver or Toronto.”

Real estate watchers have spent months on the lookout for a ripple effect in other parts of Canada from recent attempts to cool overheated real estate price growth in Vancouver and Toronto. Their gaze has often turned to Canada’s other top markets by size, Montreal and Calgary.

Those cities have their attractions: less expensive, direct flights to China and post-secondary schools hospitable to foreign students.

But they have relatively small Asian communities and they are not the lucrative speculative investments Vancouver and Toronto have been. Montreal has the added hurdle of requiring two languages for full engagement in economic and civic life… The Globe & Mail

Calgary real estate firm advertises in China but foreign investors not biting

A real estate agent hoped Vancouver’s foreign buyers tax would help her sell some languishing Calgary homes.

Emma May told the Calgary Eyeopener that despite her best efforts to attract Chinese buyers over the past year, she hasn’t seen much interest in Calgary properties.

To attract foreign buyers, it advertised on Juwai.com (a Chinese website visible both inside and outside of that country) and hired a company to build a Chinese micro-site and create mobile advertising. It also hired a real estate agent in Hong Kong.

“There are two types of Chinese investors. There’s the Chinese investor who buys a really big house here and moves his family here and the kids go to school and they commute. Right? And then there are the people investing in larger projects, really just the speculative type stuff,” said May.

But May wasn’t able to sell any Calgary properties to Chinese buyers… CBC.ca

Now, just how cheap is cheap in Calgary and Montreal?

Can you get a luxurious French Chateau like the one depicted below for $20 millions? If not, how do properties in Calgary and Montreal can be considered as “deals”?

Check this out …

California Luxurious French Chateau For Sale

French Chateau located in Montecito, California, United States is set on 2.26 acres and is surrounded by a gorgeous mountainous area and a golf course.

It’s a nine bedroom estate that boasts fine, custom European craftsmanship defined by the utmost quality. The beautiful gates and gardens invite you to the majestic entry doors that lead you into an unparalleled property.

This extraordinary estate is priced at $19,500,000

CMHC sees no housing bubble whatsoever

There is no Housing Bubble, you hear that loud and clear?


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CMHC sees no 1980s style housing bubble in Toronto high-rise condo market

Financial Post – Jul 19, 2016
Canada Mortgage and Housing Corp. sees very limited speculation in the condominium industry in Toronto among builders, a situation unlike the 1980s when the marketcrashed. In a report out Tuesday, CMHC, the Crown corporation that guides Ottawa on …
Canada Housing Agency Doesn’t See Bubble in Toronto Condo Market 
Risk of speculation in Toronto condos mitigated by presales: CMHC 

“1980s style housing bubble for Condo”?

CMHC does have a good sense of humor, eh? Continue reading “CMHC sees no housing bubble whatsoever”

Canada’s principal economy is now real estate

Textbooks all over the world will have to be revised soon, that Canada’s economy is no longer natural resources.

Our principal business is now real estate, particularly residential dwellings. While our speciality is neither an exportable commodity nor services, it is nonetheless a very high-tech thingy – a kind of super-duper technology simply known as “house-flipping” in real estate terminology.

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This is the first instalment of a series on Canada’s economy and its shift away from resources

Continue reading “Canada’s principal economy is now real estate”

Brexit will add fuel to the insanely hot Canadian real estate market

Here come the positive news likely to add fuel to our grossly overheated real estate market,

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Brexit vote could heat up Canadian real estate market

Continue reading “Brexit will add fuel to the insanely hot Canadian real estate market”

New Tax For Empty Homes

First thing first, foreigners who stashed their money in Canadian real estate (never mind legality status of the fund ), and for those who never occupy the properties, they will soon have to pay a little more to maintain their “empty nests” … with the newly proposed Vacancy Tax a.k.a Empty Home Tax in Vancouver: –

Toronto 2nd most expensive city in Canada & 10th in North America

Vancouver tops the list of most expensive Canadian cities to live in, surpassing Toronto for the second year in a row, according to an annual cost of living survey.

Toronto is the 2nd most expensive city in Canada & 10th in North America for cost of living

Toronto way of life 600 square feet for family …

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MERCER’S 2014 COST OF LIVING CITY RANKINGS — LUANDA STILL NO. 1

Luanda, Angola, remains the most expensive expatriate destination in the world, according to the latest Mercer research, which analyzes prices for more than 200 goods and services frequently purchased by expatriates. Karachi, Pakistan, is the most affordable expatriate location among the 211 we ranked.

Most Expensive Cities by Region

Americas

  1. New York, USA
  2. São Paulo, Brazil
  3. Los Angeles, USA

Asia-Pacific

  1. Hong Kong
  2. Singapore
  3. Tokyo, Japan

Europe

  1. Zurich, Switzerland
  2. Geneva, Switzerland
  3. Bern, Switzerland

Middle East / Africa

  1. Luanda, Angola
  2. N’Djamena, Chad
  3. Victoria, Seychelles

Top 10 Most Expensive Assignment Destinations

Calgary was ranked the fourth most expensive city to live in according to Mercer’s 2014 Cost of Living Survey. Continue reading “Toronto 2nd most expensive city in Canada & 10th in North America”

Canadians are rich – Real estate: The pricier, the better

GTA luxury home sales up 34 per cent in 2014

Brutal winter has helped buoy demand for low-maintenance, high-end condos

The biggest jump, surprisingly enough, was in the sale of $1 million-plus condos which skyrocketed by 53 per cent to the end of June over the same period of 2013 — gains beyond those seen in Vancouver, Calgary or Montreal.

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Even the GTA’s highest priced condo apartment and townhouses, those over $4 million, saw sales double, the report notes. Continue reading “Canadians are rich – Real estate: The pricier, the better”