{"id":8802,"date":"2018-04-17T15:15:55","date_gmt":"2018-04-17T22:15:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8802"},"modified":"2018-04-12T08:24:37","modified_gmt":"2018-04-12T15:24:37","slug":"foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\/","title":{"rendered":"Foreign Buyer Taxes Aren&#8217;t Stopping Americans from Investing in Canadian Property"},"content":{"rendered":"<p style=\"text-align: justify;\">Although foreign buyer taxes have been introduced in two major Canadian metros over the past two years, Americans are still choosing their neighbour to the north as a prime spot for buying property.<\/p>\n<p style=\"text-align: justify;\">In fact, Americans ranked Canada as the third best country abroad to invest in property, according to WIRE Consulting\u2019s 2018 survey, published Wednesday.<\/p>\n<p style=\"text-align: justify;\">Canada was a top choice for American investors despite the introduction of foreign buyer taxes over the past two years.<\/p>\n<p style=\"text-align: justify;\">The BC government introduced its foreign buyer tax in August 2016 and the Ontario government followed suit, implementing a similar levy in April 2017. Royal LePage sales representative Tom Storey tell BuzzBuzzNews that the taxes did cause a short-term slowdown in the markets, but over time both markets started to rebound.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t think foreign buyer taxes will have a long-term effect,\u201d Storey tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">WIRE Consulting, an international real estate consultancy, says Americans chose Canada as a favourite real estate hot spot due to its geographical proximity, lower taxes and familiar environment.<\/p>\n<p style=\"text-align: justify;\">\u201cResearch has shown that different criteria come into play when Americans decide to make a real estate investment in one of these major markets, and can be closely linked to their standard of living as well as their financial means and investment plans,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">Mexico came in first place for the best country to invest in property, followed by Costa Rica.<\/p>\n<p style=\"text-align: justify;\">Storey isn\u2019t surprised that Americans favour Canada for property investment because of the good deal on the price they\u2019re getting.<\/p>\n<p style=\"text-align: justify;\">\u201cThe main reason why Americans would look at Canada as a good investment opportunity is that we are on sale to them, just strictly based on the dollar. We\u2019re already 25 to 30% off that they can get in our market,\u201d Storey tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Although foreign buyers have to make a downpayment of roughly 35% on Canadian property, Storey says Americans can find inexpensive housing around the country.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s more affordable in certain pockets of Canada \u2014 Toronto and Vancouver are the outliers because they\u2019re expensive \u2014 but you can get a great place in Montreal for $400,000 Canadian, which is fairly affordable living,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">To Storey, booming economic fundamentals in Canada, such as rising immigration, low unemployment rates and relatively low interest rates will continue to attract American investors.<\/p>\n<p style=\"text-align: justify;\">\u201cAlthough, in the past eight months the key rate has gone up three times, they\u2019re still historically low. And borrowing money at three per cent is still slightly lower than what they can get in the States right now,\u201d says Storey.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/foreign-taxes-stopping-americans-canadian-property.html\" target=\"_blank\" rel=\"noopener\">Foreign Buyer Taxes Aren&#8217;t Stopping Americans from Investing in Canadian Property<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although foreign buyer taxes have been introduced in two major Canadian metros over the past two years, Americans are still choosing their neighbour to the north as a prime spot &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8802","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreign Buyer Taxes Aren&#039;t Stopping Americans from Investing in Canadian Property &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Foreign Buyer Taxes Aren&#039;t Stopping Americans from Investing in Canadian Property &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although foreign buyer taxes have been introduced in two major Canadian metros over the past two years, Americans are still choosing their neighbour to the north as a prime spot &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Foreign Buyer Taxes Aren&#8217;t Stopping Americans from Investing in Canadian Property\",\"datePublished\":\"2018-04-17T22:15:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\\\/\"},\"wordCount\":453,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/foreign-buyer-taxes-arent-stopping-americans-from-investing-in-canadian-property\\\/\",\"name\":\"Foreign Buyer Taxes Aren't Stopping Americans from Investing in Canadian Property &#8226; 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