Montreal was the hot Canadian real estate market for Chinese nationals last year as interest slipped in Toronto and Vancouver following the introduction of foreign buyers taxes, says a report from a website for buyers of overseas properties.
Juwai.com said Chinese buyers inquired about US$1.45 billion worth of Canadian properties in 2017.
Interest in Montreal grew by 84.5 per cent in 2017 and 43.3 per cent a year earlier.
Consideration of properties in Canada’s largest city dropped by 25 per cent in 2017 after nearly doubling between 2015 and 2016.
More than 40 per cent of wealthy Chinese buy property abroad to live in. Six in 10 intend to buy overseas properties over the next three years.
Canada is the second most popular emigration destination for high net-worth Chinese, with 64 per cent having already migrated or planning to move overseas.