The reprieve may only be temporary, however, thanks to pent-up demand for Canadian real estate from international buyers shut out of the market due to COVID-19 restrictions.
Because international borders have been closed since the beginning of the pandemic, the Engel & Völkers report predicts that when international travel resumes, there will be a new surge in interest from foreign buyers looking at Canada’s metropolitan areas — particularly in Vancouver and Montreal. With a relatively low supply of luxury properties available in both cities, a new wave of international buyers could “significantly strain the market,” the brokerage’s report noted.
It is Montreal that is pegged to be Canada’s next investor favourite. Prices are still much lower than Vancouver and Toronto, and the city is also on the cusp of a boom in development, the report notes, with an estimated 60,000 new construction projects expected to enter the market over the next three years.
While some international buyers are purchasing vacation homes or properties they can rent out, most in Montreal are buying a home to live in, whether for themselves or their adult children, Groleau said. Even if they do not intend to remain in Canada permanently, because Canadian homeowners do not pay capital gains tax when they sell their primary residence, real estate is a practical investment for those who can afford it.
“If you have money and you’ve come here, you’re comparing the price tag to London, to Paris, and so on. is still way more affordable than most major cities around the world,” Groleau said.
I hope so .. then they get to experience the horror show the rest of the country has been suffering under their corrupt sun king
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