While the impact of foreign buyers of Canadian real estate is inconclusive, there are certainly many buyers from the Chinese mainland who choose Vancouver and Toronto among their favourite markets.
However, that could begin to change in 2017 as Beijing cracks down on the movement of wealth out of the country. The latest moves will extend the curbs imposed on Chinese companies to include individuals; these have long been in place but not enforced.
A former Morgan Stanley economist Andy Xie, told The Globe and Mail that he expects the tightening of the rules to be significant with the number of buyers of Canadian real estate expected to “drop sharply.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: