Figures released earlier this week by the Chinese website Juwai.com in partnership with Sotheby's International Realty Canada found that schooling was the primary motivation for potential Chinese homebuyers who viewed property listings in major Canadian cities in 2016.
It found that housing needed for educational purposes was the most cited reason that 46 per cent of Chinese users were looking at properties in Montreal, followed by 44 per cent in Vancouver, 41 per cent in Toronto and nine per cent in Calgary.
The second most common motivator for the interested homebuyers was “own use,” which could mean the home would be used as a second or third property. Sixty-two per cent of those looking for homes in Calgary cited this was their main reason, followed by 37 per cent for Toronto, 25 per cent for Vancouver and 34 per cent for Montreal.
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Investment was the top reason listed by a quarter of home seekers, with 27 per cent saying it was the main reason for their property searches in Vancouver and Toronto, 23 per cent in Montreal and 21 per cent in Calgary.
Brad Henderson, president at Sotheby's International Realty Canada, says the figures show that there have been misconceptions about why Chinese homebuyers look to Canadian real estate.
“I really think a lot of perception that people have around foreign buyers, and specifically buyers from mainland China, are informed by more anecdotal information and not statistics,” he said.
The data also indicated that the majority of Chinese property searches were for Canadian homes priced below $655,050.
“While home buyers from mainland China have been identified as a notable segment of foreign purchases within the luxury property markets of Vancouver and Toronto, Juwai.com data dispels the assumption that Chinese interest is limited to the high-end segment,” said the report.
“Instead, it implies that conventional real estate dominates demand.”
Figures released earlier this week by the Chinese website Juwai.com in partnership with Sotheby's International Realty Canada found that schooling was the primary motivation for potential Chinese homebuyers who viewed property listings in major Canadian cities in 2016.
It found that housing needed for educational purposes was the most cited reason that 46 per cent of Chinese users were looking at properties in Montreal, followed by 44 per cent in Vancouver, 41 per cent in Toronto and nine per cent in Calgary.
The second most common motivator for the interested homebuyers was “own use,” which could mean the home would be used as a second or third property. Sixty-two per cent of those looking for homes in Calgary cited this was their main reason, followed by 37 per cent for Toronto, 25 per cent for Vancouver and 34 per cent for Montreal.
RELATED: Chinese community sold on P.E.I. living
Investment was the top reason listed by a quarter of home seekers, with 27 per cent saying it was the main reason for their property searches in Vancouver and Toronto, 23 per cent in Montreal and 21 per cent in Calgary.
Brad Henderson, president at Sotheby's International Realty Canada, says the figures show that there have been misconceptions about why Chinese homebuyers look to Canadian real estate.
“I really think a lot of perception that people have around foreign buyers, and specifically buyers from mainland China, are informed by more anecdotal information and not statistics,” he said.
The data also indicated that the majority of Chinese property searches were for Canadian homes priced below $655,050.
“While home buyers from mainland China have been identified as a notable segment of foreign purchases within the luxury property markets of Vancouver and Toronto, Juwai.com data dispels the assumption that Chinese interest is limited to the high-end segment,” said the report.
“Instead, it implies that conventional real estate dominates demand.”
