{"id":7753,"date":"2018-07-24T09:26:42","date_gmt":"2018-07-24T13:26:42","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?p=7753"},"modified":"2022-07-01T13:20:47","modified_gmt":"2022-07-01T17:20:47","slug":"montreal-is-the-newest-hotspot","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/montreal-is-the-newest-hotspot","title":{"rendered":"Montreal Is the Newest Hotspot for Chinese Buyers"},"content":{"rendered":"\n

Until recently, Vancouver held the number one spot in sales for $1 million-plus real estate, but according to a recent Sotheby\u2019s report, that spot is now held by Montreal.<\/p>\n\n\n\n

Montreal<\/a> was recently named the leading city for Chinese real estate investment by Juwai.com, a leading Chinese real estate portal. According to Juwai.com, the biggest factor for Montreal becoming the newest hotspot for Chinese buyers is the implementation of foreign buyers taxes in Vancouver and the Greater Toronto Area.<\/p>\n\n\n\n

\u201cIn face of the Government of B.C.\u2019s February 2018 implementation of a 30-point plan for housing affordability, coupled with the cascading effects of governmental policies implemented since 2016 to overcome the region\u2019s affordability challenges, the $1 million-plus single family home market saw a significant pullback in activity, while the condominium and attached home markets remained resilient,” wrote the report authors.<\/p>\n\n\n\n

In Vancouver<\/a>, overall, residential real estate sales over $1 million decreased 19% year-over-year to 1,939 units in the first six months of the year, and homes in the $4 million-plus sales range decreased 47% to 111 units, prompting speculation that consumer confidence in this market segment is waning. The most dramatic slowdown was in the single-family home market, which moved well into a buyer’s market as sales over $1 million and $4 million fell 36% to 885 homes sold, and 55% to 86 homes, respectively.<\/p>\n\n\n\n

Toronto<\/a> has long been a close rival to Vancouver\u2019s top tier market, but it too has seen supplanted. Sotheby\u2019s report continues, \u201cToronto saw even bigger declines than Vancouver, with home sales down 46% year over year in the $1 million-plus market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Beating out Vancouver and Toronto, Montreal is now the top pick for Chinese foreign buyers becoming the top spot for Canadian real estate investments<\/p>\n","protected":false},"author":28,"featured_media":2682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"guide":[],"class_list":["post-7753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-trends"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/7753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=7753"}],"version-history":[{"count":5,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/7753\/revisions"}],"predecessor-version":[{"id":21510,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/7753\/revisions\/21510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/2682"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=7753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=7753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=7753"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=7753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}