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| Luxury Real Estate |
Are Foreigners Buying Calgary?
Yes – the Luxury Real Estate
Mark
Evernden a Premium real estate agent at Engel & Volkers and Associates which
represents some of the province’s most expensive residential properties says,
[that] "around seventy per cent of inquiries through our website and by
phone are currently out of country buyers."
While much
of the interest is multi-international he says, "The biggest chunk…is from
Chinese buyers." His portfolio includes several homes located on Calgary’s
prestigious Pump Hill, sometimes referred to as Millionaire’s Row.
Alberta - A Good Place to Raise a Family
The
largest Chinese international property website, Juwai.com, also reports
inquiries specifically on Alberta properties are up 70 per cent on last year,
placing the province fourth after Ontario, British Columbia and Quebec.
Juwai.com's
chief executive Charles Pittar (Hong Kong) says, "Chinese interest in Alberta
is growing at a rapid pace." He continues, "Not every buyer from
China wants a home in Vancouver or Toronto…In fact, many like the more
laid-back environment in Alberta and consider it a good place to raise a family
and sink roots."
Welcome with Open Arms? Not so Fast
Some say
that Alberta is welcoming off-shore buyers with open arms but if it means a
surge in real estate prices they complain that it makes it difficult for buyers
like newly-weds to purchase their first-time home. Unlike the tidal wave of
soaring real estate prices in Vancouver and Toronto, the ripple may be
short-lived.
New Rules Announced this Morning
As part of a new measure to
tackle speculation in Canada's housing market by foreign investors, Finance
Minister Bill Morneau has just announced that foreign buyers who are not
residents at the time of purchase will no longer be able to claim a principal
residence exemption on their homes.
This new measure will now make
the exemptions available only to home buyers who are residents at the time of
purchase.
For more information and/or to book an appointment
regarding your home give,
Chris a call 403-680-4479
