Almost three quarters of Royal Le Page real estate advisors working in the Vancouver and Toronto markets report higher volumes of foreign buyers of residential properties during the second quarter of 2016.
However, the overall impact of these buyers is considered low by a third of respondents who say that foreign buyers account for just 10 per cent of the market.
“Some have suggested that Britain’s exit from the E.U. will drive more foreign money into the relative safety of Canada’s real estate markets,” said Phil Soper, Royal LePage CEO. “We anticipate the impact, if any, will be seen in the commercial property sector and not in housing markets. Beyond Europe, our research does point to increasing Vancouver and Toronto region foreign buyer activity in residential markets this quarter. Canada remains a favoured nation for the world’s real estate investors.”
The brokerage’s national house price index shows an increase of 9.2 per cent year-over-year with an expectation of 12.5 per cent at year-end compared to 2015.
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