The Sotheby’s report also suggests there are signs that foreign home buyers, put off by the new 15-per-cent real estate tax in Vancouver, are considering other Canadian markets.
That tax signals more than a financial penalty for non-Canadian buyers, Henderson said.
“What the (Vancouver) tax introduced is . . . some uncertainty as to what other policy issues the city or the province may introduce, which would adversely affect investors,” he said.
Those investors are looking elsewhere, including cities outside Canada.
“But, if they are looking in Canada, we believe Toronto will be the most logical place for people to consider. Montreal and Calgary will probably also get a look-see,” Henderson said.
He cited statistics from web-based hub Juwai, which bills itself as “the most integrated platform connecting international agents and Chinese buyers.”
“They recently reported . . . an 81-per-cent drop in the numbers of inquiries on that website for Vancouver and a 146-per-cent increase in inquiries for Toronto,” Henderson said.