Steve Randall
REP
While the impact of foreign buyers of Canadian real estate is inconclusive, there are certainly many buyers from the Chinese mainland who choose Vancouver and Toronto among their favourite markets.
However, that could begin to change in 2017 as Beijing cracks down on the movement of wealth out of the country. The latest moves will extend the curbs imposed on Chinese companies to include individuals; these have long been in place but not enforced.
A former Morgan Stanley economist Andy Xie, told The Globe and Mail that he expects the tightening of the rules to be significant with the number of buyers of Canadian real estate expected to “drop sharply.”
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