Quote:
Originally Posted by memph
It's not so much multinationals as it is Chinese elite looking for a safe place to invest, because they don't have any safe places to invest domestically. The Chinese stock market is unreliable, and the Chinese real estate is even more inflated than Canada's. Not to mention you can't really buy real estate in China, it's more like a long term lease from the state.
Also, is it 5-10% of current homes owned by foreign buyers? 5-10% of new home sales? 5-10% of new capital flowing into the real estate market? Either way though, 5-10% is not that small and can have a significant influence if those buyers lack restraint in terms of how much they're willing to pay to get a foot in the Canadian real estate market.
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My point is that the US has more advantages for Chinese buyers, less taxes to pay when purchasing and more freedom to generate rents/revenue. So if this is the gold of Chinese investors, the US will have more of them than Canada especially Toronto and Vancouver which have more restrictions on buying and using property than the rest of Canada.