Canada’s prospering real estate market may be due in part to the influx of foreign buyers, says Greg Quinn of Bloomberg News. Currently, one of the most lucrative cities for real estate investors is Montreal, where about 49 percent of its residential properties were immediately sold in the first half of 2013. However, that doesn’t mean that other places aren’t faring so well, In Vancouver, which boasts a rugged Pacific coastline and cultural ties to Asia, 40% of buyers of 1,239 such homes were from aboard.
Government officials and market experts agree that this trend won’t be going down anytime soon, so real estate sellers can expect no shortages of buyers in the near future. Of course, this could mean that interested buyers would have to compete with an ever-growing number of domestic and foreign buyers as well, so it would be best for them to visit reliable real estate listings to get the best deals. Those interested in buying Vancouver luxury real estate should locate reputable Realtors who are based in that city, like the people of Vancouver Canada Homes.
Their services would be greatly appreciated since investing in luxury houses in Vancouver can be rather pricey, with an entry cost of at least $2 million (CAD) being fairly common. According to one study, most buyers of Vancouver luxury homes for sale usually consider the size of the property relative to their family’s size (especially if they have children) before making a purchase. They also tend to have mortgages and/or own other residential properties. With these things in mind, a Realtor will prove useful because he or she can find a luxury house that can suit a buyer’s needs and means.
Foreign investors would be a different case because they may not be aware of changes in legislation and market characteristics that could affect their purchase. The latter is particularly important since buying luxury real estate can also depend on timing. For example, the past years have shown that spring and fall usually have an abundance of real estate buyers that can cause prices to skyrocket. This isn’t always the case, however, so a Realtor should be consulted to gauge when the time is right for a deal to be made.
So far, Vancouver, Toronto, and Montreal are some of the best places in Canada for investing in luxury real estate. Only time will tell if that will continue to be the case in 2014.
(Article Excerpt and Image from Foreign buyers shore up high-end housing in Canada with Montreal top destination, Financial Post, December 4, 2013)
