What percentage of condo sales are to overseas investors?

MATTHEW SLUTSKY

BuzzStaff

1985

73

What percentage of condo sales are to overseas investors?

From your experience, what percentage of condo sales are to "overseas investors"??

[Please note your citiy]

17

Canada / General Chit-Chat

DANIELLE DEMERINO

NewBee

5

1

1 BEST REPLY

I`d say it`s around 2-3% Forgein Purchasing... however.. tons of Downtown Sales previews are filled with the Asian and Iranian clientele. There have been times when I`m one of the only native Canadians around. The immigrants that have come to Toronto to start Real estate business and practices are changing the way we do business. It`s silly to deny the impact the asian market and purchasors are having on our developments in the core - if there isn`t a cap on how many units per pêrson are available for purchase I`m afriad there might not be anything left by the time I get there or am attended to.

ROY BHANDARI

BabbleBee

467

21

1

From Toronto, we experience around 2% to be overseas buyers (no local SIN or identification).

SIMEON G

NewBee

9

For Vancouver I would say that the actual % of sales that go to overseas 'investors' (defined as non-residents) would be less than 1%. Again, this is a very vague term as an investor is usually buying to make a profit at some point, whereas the majority of overseas buyers are not looking to flip, but to settle.

ROB LOVE

Buzzer

33

12

We will have some data on this (and more) in the next 4-6 weeks, as part of our 2012 Strategic Research Initiatives. Stay tuned.

BRIAN ELIZABETH

Buzzer

157

7

In Vancouver, I just came across the below quote from the Globe and Mail:
With regards to Telus Garden selling out:
"Local sellers all say that it’s not foreign investors driving the market for the successful projects, but local investors and people planning to live in the condos themselves."
And, other projects:
"He said he expects Intracorp’s newest tower, Silver, to get about 50 to 60 per cent investors among the 3,000 buyers lined up for it. That’s similar to what Mr. McTavish said was the ratio for Marine Gateway.
But those investors tend to be local investors, people who are buying something for their children to move into some day and renting it in the meantime, or people who are looking for an investment that’s more stable than the stock market appears to be right now."
Quotes from: http://www.theglobeandmail.com/news/national/british-columbia/teluss-vancouver-condos-fly-off-the-market/article2388764/

ANONYMOUS

Where is the money coming from is probably the better question and this is almost impossible to track. Sure, they have SIN #'s, but is it possible they are just the face of the purchase? Family works together.

CANADIAN WATCHDOG

NewBee

4

The only people who would have a good estimate are the facilitators. http://www.cic.gc.ca/english/immigrate/business/investors/facilitators.asp

MATTHEW SLUTSKY

BuzzStaff

1985

73

Canadian said:
The only people who would have a good estimate are the facilitators. http://www.cic.gc.ca/english/immigrate/business/investors/facilitators.asp

I think the Realtors who are on the ground doing the sales have the best measure on this, and it seems in Toronto most Realtors who specialize in pre-construction are saying around 2-3%, tops.

MATTHEW SLUTSKY

BuzzStaff

1985

73

According to Tridel's Jim Ritchie, around 95% of purchasers are local purchasers.
- Bloomberg Summit

ROY BHANDARI

BabbleBee

467

21

^ Great that we finally have a credible source to back up what we've been saying all along....

ANONYMOUS

1

"Foreign Investment" ... what does this even mean in todays globally connected world where funds are moved almost instantaneously at the push of a button. The question is not whether someone with a SIN is buying (that tells us very little) it's where is the source of the funds. This is not tracked. Not possible to answer.

ROY BHANDARI

BabbleBee

467

21

Our country is built on it's immigration rules. Once you come to Canada and move your funds from Country X to Canada, is that still foreign money or is it now local money? Your argument is irrelevant. I moved to Canada 10 years ago from England and purchased a home. Did I buy that with foreign money? I have a mortgage on the home and pay interest to a Canadian bank.
Is that a foreign purchase or a domestic purchase?
I own dozens of Condominiums as investments. Some of the funds use to purchase were generated in England but are now in a Canadian bank account.
Is that a foreign purchase or a domestic purchase?

ANONYMOUS

I'm not arguing for or against any particular position this is a discussion. Everything you described sounds like local investment to me. The funds started abroad but moved here with you and stayed here. What some people are feeling (not necessarily me) is that people with SIN's are purchasing properties for people outside of the country with funds generated outside of the country and any profits will be sent back outside of the country. We do still benefit from this in some ways as it creates jobs and helps build our infrastructure. All I was saying was this is almost impossible to track.

ANONYMOUS

Oh and if 98% are buying with SIN's and are paying taxes on rental income and capital gains then that's great!

MATTHEW SLUTSKY

BuzzStaff

1985

73

Roy said:
^ Great that we finally have a credible source to back up what we've been saying all along....

I think you as a source was very credible, due to the number of pre-construction sales you did in the city last year, and your numbers were closer to the 2% mark.

ROY BHANDARI

BabbleBee

467

21

Matthew said:
Roy said:
^ Great that we finally have a credible source to back up what we've been saying all along....

I think you as a source was very credible, due to the number of pre-construction sales you did in the city last year, and your numbers were closer to the 2% mark.

I think we can confidently say that it's NOT the 80-90% (of foreign buyers) number that we've heard thrown around from a variety of sources.

LEE LUSSIER

NewBee

6

I would like to know the inverse of this topic: how many Canadian real estate investors are buying overseas and which real estate companies, if any, are servicing to them?

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