Montreal is facing an unprecedented period of economic growth fuelled by investment from China.
The city appears to be the new favourite for Chinese property magnates, who have snapped up real estate worth $140 million since 2015.
Such investment raises fears of a Vancouver-style price boom, although to date the transactions have only sustained a market that would otherwise be shrinking.
Now real estate companies are targeting the new market by holding presale events for ‘Asian purchasers’, and even chartering buses to bring them in from Ontario.
Many of the transactions are being done with cash up front, cutting out the need for a mortgage.
William Malkinson, a Montreal notary involved in the real estate community, says clients looking to get money out of the country are helped by contacts within the Chinese government.
For economic and long-term developmental purposes, China enforces strict controls over capital outflow.
The measures do not make everyone happy in a country where standard of living is not yet comparable to developed countries.
Despite the restrictions, Chinese investments abound and they are massive.
US bank JP Morgan values outflows of capital from China at $450 billion per year.
Moreover, the Bank of China and the Hurun Report asserted in 2011 that 60 per cent of people with personal assets over $1.5 million in China want to leave the country.
The Chinese effect
|Projects||Addresses||Sales made to Chinese nationals in relation to Total sales||Value of investment|
|XACT Condos||1390, du Fort||51 in 89 (57%)||16,53 M$|
|DOUZE05||1205, Mackay||82 in 95 (86%)||21,6 M$|
|La Tour des Canadiens I & II||Centre Bell||(roughly 25%)||Unknown|
|CENTRACONDOS||1181, Bishop||44 in 55 (80%)||13,6 M$|
|Bois des Caryers||Arrondissement LaSalle||117 in 197 (60%)||55,1 M$|
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