Foreign Buyers Driving Calgary’s Luxury Real Estate Market

In cities such as Vancouver and Toronto, real estate purchased by foreign buyers has been blamed for driving up prices however, Alberta is welcoming off-shore buyers with open arms.

According to real estate firm Engel and Volkers, the majority of current inquiries on homes listed at over $1.5 million in Calgary are from potential buyers living outside of Canada. Engel and Volkers represent some of Alberta's most expensive residential properties.

Mark Evernden, a real estate sales representative from Engel and Volkers says about seventy per cent of inquiries through their website and by phone are currently from out of country buyers. He also said the largest chunk of those inquiries are made by buyers from China.

Mark said most of the interest from foreign buyers is focused on single-family homes at higher price ranges and acreages.

According to Mary-Ann Mears, Managing Broker for Sotheby's International Realty Canada's Calgary Office agrees that international interest in local homes has increased.

She adds that there is no formal system in place that monitors and tracks the location of prospective buyers however, many real estate sales representatives have noticed an increase in inquiries, specifically from the Asian market looking for information on the housing market in Calgary and local culture in general.

Juwai.com, the biggest Chinese international property website reports that inquiries about Alberta properties have increased 70 per cent making it the fourth province attracting interest from foreign buyers after Ontario, British Columbia and Quebec.

Reference:

The Globe and Mail

http://www.theglobeandmail.com/…/foreign-b…/article30394062/

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