Or with Chinese Canadians who spend part of the year outside the country?
Yet even the crudest measurements suggest a breathtaking upsurge in interest that would rate Canada’s big cities on par with London and New York in the eyes of Chinese buyers.
Fully 10 per cent of new condominiums being built in central Toronto are now going to foreign buyers, according to a survey released in April by the Canada Mortgage and Housing Corporation (CMHC); veterans of the city’s rough-and-tumble real estate market believe the vast majority are mainland Chinese.
On Juwai.com, an online listing service where Chinese buyers can look for international real estate, inquiries about specific properties in Ontario rose 143 per cent in 2015, with the total value of those homes hitting .2 billion.
Other analysts have dismissed the estimate, which Routledge produced by combining U. foreign investment figures with a survey of property ownership among 77 affluent Chinese people.
But the numbers seemed to support an earlier, more controversial, study of home sales in three of Vancouver’s most expensive neighbourhoods, showing that 66 per cent of houses sold during a six-month period starting in September 2014 went to Chinese people with non-anglicized names.
That assumption was enough to draw accusations of racism, but Yan was undaunted, telling CBC, “It’s about the message, not one messenger.” At least part of the message is beyond dispute: the cash flowing out of China into assets around the world has hit tsunami proportions, driven by fears of a slowing economy and a declining currency.It’s common for foreign-based buyers to send their children and spouses here while remaining in their home country.Should such buyers be lumped in with overseas owners of income properties?Paul Shen can tick off the reasons Mainland Chinese people buy property in Canada as surely as any fast-talking B. The richest, of course, regard homes in the West as stable vessels for disposable cash, but Shen lays no claim to such affluence. Some long to escape the fouled earth and soupy air of their country’s teeming cities, he explains, while others are following relatives to enclaves so well-populated by other Chinese expats they hardly feel like foreigners.