International Investors & Developers Have their Eyes on Canada
I came across an interesting post over at New Condos Online about how American developers should start aggressively pursuing Canadian buyers for their product due to the relatively strong Canadian economy and the (until very recently) high Canadian dollar.
This is very timely advice for American developers to consider. Most US Real Estate Markets are still following a downward slide. Prices are still falling, inventory is still massive with little signs of it changing in the near term. Canadian investors are beginning to wonder it things have peaked here in Canada and are starting to look elsewhere for better value and better long-term prospects for price appreciation.
While foreign developers are starting to consider Canadian buyers, foreign investors are still feeling quite bullish on the long-term prospects of condos in markets like Toronto. More and more international investors are looking at purchasing condos in Toronto as investment vehicles, or as temporary residences. Look at recent developments like Ice Condos or Aura. Anecdotal evidence suggests a substantial proportion of buyers in these landmark projects are from outside of Canada. Canada is considered a safe, secure, low-risk place to invest to many outside of our borders.
My own client list is increasingly becoming something of a United Nations. Just in the last year alone I have had new clients originating from the U.K., Dubai, Taiwan, Korea, India, China, and Bangladesh to name a few.
If you are interested in knowing more about investing in Canada and Toronto in particular, please contact me.