Toronto's real estate market may be cooling down due to the 15-percent tax on non-resident foreign buyers included in the recently implemented 16-piont Fair Housing Plan in Ontario, reports thestar.com (1 May 2017). However, this may not necessarily deter Chinese buyers, according to Brad Henderson, CEO of Sotheby’s International Realty Canada, who cited a recent Sotheby's report jointly published with Juwai.com, a Chinese international real estate portal. The studey revealed that Asian buyers are not necessarily ultra-rich buyers looking for exclusive properties, and that Chinese online property shoppers on Juwai.com were, in fact, looking more for a base from which to access Canadian schools and potential home for themselves or family. “If they’re coming here because they want to eventually migrate here or if they’re looking to take money out of a conflict country for safekeeping in some other location and, if they have family ties here, all those things are much more powerful inducements to invest in Canada,” said Henderson.
