While luxury real estate is selling well in Canada, approximately one-half of the buyers are not from Canada, reports the CBC News.
It is a countrywide situation, as high-end properties in Montreal, Toronto, and Vancouver area being sold to international citizens or buying groups. Buyers from China, Syria, Mexico, Russia, Egypt, and the Middle East are buying the premium real estate. Calgary has the lowest number of foreign buyers, as only 15 percent of the owners are not Canadian.
A majority of the luxurious single-family are being used as second homes or vacation dwellings and not being “flipped” by investors.
Foreigners buying luxury homes in Toronto are mainly from the U.S., China, Russia, the Middle East and India and gravitate to wealthy enclaves like Rosedale, Forest Hill or the Bridle Path, as well as downtown areas such as the Annex, Yorkdale and Hoggs Hollow.