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Residential real estate: Chinese show renewed interest in Calgary

Chinese investors are showing keen interest in Calgary. They are apparently making increased inquiries regarding the residential real estate market in Alberta's Cow Town. Some Calgary realtors have said that they have made significant sales to some Chinese investors.

In fact, inquiries in the third quarter were twice as many as they were in the second quarter of this year and up by a significant 200 per cent from the same time in 2017, according to a Chinese search engine. An analyst says those inquiries are likely to translate into sales in about three to six months. The interest in Calgary from potential Chinese investors has never been higher. Apparently, they see the city as being one of the best in the country with a vibrant urban life, good schools, relatively uncongested and close to an international airport.

Seventy-three per cent of those who have inquired have already bought a home for their families, wishing to have their children go to Canadian schools. Alberta is becoming even more popular than B.C. since that province raised the tax on foreign real estate investors from 15 to 20 per cent. Another incentive for Chinese nationals is that real estate is still comparatively inexpensive in Calgary when compared to other urban centres like Vancouver and Toronto, particularly in the condo market.

One difference, too, is that many of these Chinese buyers are not among the incredibly wealthy. They are middle class citizens wishing to purchase a home in Canada. They aren't apt to buy several properties, but put their money into an affordable single family home. The residential real estate market seems to be moving again in most parts of Alberta. With this activity comes the need to understand the laws that govern real estate transactions and a real estate lawyer would be able to provide clarity regarding the contractual obligations of real estate deals.

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