Economic Outlook for Canada and Quebec Enhanced

01/06/2017

According to a CMHC study, the number of foreign buyers has been increasing in the Montréal metropolitan area since the beginning of the year, mainly due to an increased presence of buyers from China. From January to April 2017, 236 residential transactions were carried out by foreigners, an increase of 37% compared to the first four months of 2016. The proportion of foreign buyers would still remain low, 1.8% of total sales.Foreign buyers from the United States and France are still the most numerous, but there has been a surge in the number of Chinese buyers since the introduction of foreign property tax in Vancouver. Chinese buyers accounted for 17% of real estate purchases made by foreigners in Montreal between August 2016 and April 2017. About 40% chose a single-family home and paid a median price of some $ 720,000. Purchasers from the United States and France are mostly active in the condominium segment.CMHC will continue to monitor the number of foreign buyers in Montreal over the next few months, especially as a tax on foreign property purchases was also introduced in the Toronto area last April.
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