Some wealthy residents of the U.S. say that if Donald Trump wins the country’s presidency, they will move to Canada. If he does—and they do—they will have plenty of non-Canadian neighbors: Foreign buyers account for over 25% of luxury residential purchases in Canada, according to a new report. A weak Canadian dollar and low interest rates have made real estate in Canada more attractive to foreigners, according to the newly released Royal LePage Carriage Trade Luxury Properties Report. “While the impact of foreign buying on Canada’s overall residential real estate market is small, we see it growing in importance in the luxury market,” Phil Soper, president and chief executive office at Royal LePage, said in the report. “Canada’s stable political and financial systems...make our country an ideal destination for wealthy international purchasers looking to invest in real estate.”
More: Vancouver Leads Global Markets in Housing Growth Foreign buyers are a driving force particularly in British Columbia where one-third of real estate professionals surveyed said they believed international clients were responsible for at least 30% of luxury property deals. Sales of high-end real estate in British Columbia outpace those in the rest of Canada, according to the report. A survey of brokers found that among prominent foreign buyers in the area, the Chinese top the list, followed by citizens of the U.S., Hong Kong, the United Kingdom, Iran and India. The Royal LePage report is based on a national survey of 250 real estate advisors in the British Columbia, Alberta, Ontario and Quebec luxury housing markets; high-end properties are defined as those which cost four times higher than the average home price in Vancouver, Calgary, Toronto and Montreal, and three times higher than the average home price elsewhere in Canada.
More: Toronto and Victoria Nos. 2 and 3 Hottest Markets: Christie’s International Real Estate Report A less sunny spot in Canada is Alberta, where activity in the luxury market, primarily shaped by Calgary, has recently declined as a result of falling oil prices, economic uncertainty, and reduced would-be buyers confidence. Unlike in British Columbia, foreign buyers in Alberta only account for 5% of luxury sales. View full listing (pictured top)
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