Foreign buyers are returning to Toronto after demand plunged following the introduction of a foreign buyer tax, reports The Globe and Mail (23 May 2018). Juwai.com, a global real estate website catering mainly to buyers from mainland China and Hong Kong, says foreign buyer taxes had led to a drop in Chinese buyer demand for Toronto, Vancouver, Singapore, and Sydney. According to Carrie Law, Chief Executive Officer at Juwai.com, although foreign property buying is likely to fully recover in the long-term, other market dynamics could prevent overseas buying in Toronto from returning to 2017 levels. “Prices are stalling in Toronto because credit is getting more expensive and mortgages harder to obtain. The foreign buyers tax cannot have had the market-wide impact that has been attributed to it,” said Law. [This article is only available via subscription.]
