Vaughan Subway Extension Undergoes Hundreds of Tests by TTC

TTC workers continues testing hundreds of elements on the Toronto-York Spadina Subway Extension making sure that it is ready to service commuters before the December 17, 2017 opening date.

TTC officials shared that the testings are to ensure that everything works as it should and that there will be no issues when the stations opens to the public.

Multi-Billion Dollar Project

This project has been in the works for more than a decade and came with a price tag of about $3.18 billion. The work included merging old and new technologies, planning and adding provisions for future improvements, and bringing to life 6 stations that will service thousands everyday. Certainly not a small feat and TTC is making sure that it will run as smooth as possible.

The 6 new stations comprise the 8.6 kilometer long extension that will include 2 stations in Vaughan, a major expansion for the city considering that the first major subway expansion was the Sheppard Line in 2002.

TTC COO Mike Palmer shared that about 1500 issues still needed to be fixed, ranging from missing sockets, outlets in wrong places, and more serious operational snags. He added that although the 6 stations have already been built, there is more to running it than simply constructing the stations.

They have to make sure that each and everything works as it should. All wirings and pipes have to be identified to make future repairs easier. The police and fire department both have to conduct drills and familiarize themselves with the layouts and operations of the stations so they can have a protocol in place should they be needed in the future. Certain things have to be updated and connected to ensure that the 6 new stations will function the same but better way than the rest of Toronto’s subway system.

Just Like a New House

TTC COO Mike Palmer likens all the testings to be done to owners and contractors checking a newly-built house for flaws. Just that this house is meant to receive thousands of visitors on any given day and should be ready for future additions while still looking like the rest of the neighbourhood.

Ready for the Future

Because there are already plans for future stations, provisions for connecting them to the Vaughan line has already been made. The agency also took this project as an opportunity to learn about future transit expansion.

The staff will begin familiarizing themselves with the operations in mid November and ghost services will be held to further ensure everyone’s safety and that the stations are ready for people. This means reading and studying hundreds of new documents for Line 1’s 6 new stations’ debut.

To Summarize

6 new stations were built for Line 1 with approximately 2,811 new parking spaces. The project cost a total of $3.18 billion but will only charge $3.25 fare to ride the subway. 1500 identified snags need to be worked out before the December 17, 2017 opening after weeks of ghost testing.

No doubt that the new stations will contribute to increasing the value of properties along the line, perfect for those who have houses nearby who may want to tap their home equity.

Thinking of applying for a second mortgage or getting a line of credit? Contact us for any mortgage related concerns and our mortgage experts will surely help!


New Provincial Housing Measures Push Toronto Condo Rentals to Rise

A report from Urbanation Inc. shared that the Toronto condo rental market is getting hotter as the real estate market is cooling down as a result of the announcement of new provincial housing measures in April.

A New Housing Problem?

Real estate consulting firm Urbanation looked into the condominium rental market for the second quarter of 2017 and revealed that the new increased demand for condos may have been caused by the changes in housing that the province recently announced.

It should be noted that Toronto introduced its Fair Housing Plan in April of this year – a measure that included speculation tax for non-residents and widened rent control for buildings that were built after 1991. After the provincial announcement, Urbanation found out that condo leases grew 12%, hitting a record high. The rental values also rose up 11% and caused it to surpass the usual average of $2,000 for the first time in the area. Condo vacancies are also nearly non-existent.

In view of all these changes, it looks like those who already have an apartment are holding on to them longer as Urbanation observed that there are currently far less turnovers. Figures show that condo leases were an average of 17.9 months a year earlier and is now at 21.5 months this year at their latest report.

Urbanation senior vice-president Shaun Hildebrand says that the figures show that the province is grossly under-building rentals. He added that the rent controls measures that are in place are going to make the housing situation worse over time because less people would want to move out so there will be less turnover resulting in less supply. He also added that when and if this continues, the result will be a very unfavourable market for anyone who may have to move homes due to work or other circumstances.

There’s Hope for a Better Housing Situation Soon

Things are not all bad though. The silver lining to all that is going on now is that there is now an increase of proposals to build rental properties although not at a fast enough rate.

Last quarter’s under construction rental units numbered at 5,821, a number that is less than the 5,992 under the same period last year but at least higher than the figures for the first quarter of 2017.

Mr. Hildebrand brings up that a positive thing to note is that the long-term trend point to a growing number of proposals. He further shared that the demand for more rental units can at least encourage developers to invest into building more purpose-built rentals.

Hildebrand added that there could be another thing to look forward to later in the year when some buyers may choose to go back to home ownership market and new condo developments rise up.

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Would You Bet Against Warren Buffet About A Canadian Housing Crash?

People constantly talk about predicting that the Toronto Housing Market is going to burst, but would you really believe them when investment genius Warren Buffet himself bought shares at mortgage lending company Home Capital Group Inc.? This isn’t just a show of support! This is a vote of confidence from the financial guru himself!

A Game-Changing Move

Berkshire Hathaway Inc., a company by Warren Buffet, is buying an investment of 38% shares in Home Capital for a whopping C$400 million ($300 million). They are also providing a C$2 billion credit line to support the Toronto-based Home Capital Inc. This deal means that Buffet is wading waist deep in a housing market that’s been called over-leveraged and overvalued due to the fact that home prices in Vancouver and Toronto still continue to rise in the wake of record-breaking household debt levels.

It should be noted that Home Capital got involved in one of the huge controversies affecting the Canadian housing market when they were accused by regulators of misleading their investors about mortgage fraud in April. This issue sparked rumors that this event would be the driving force that will bring down the housing market – a housing market correction that has been predicted in the past by the International Monetary Fund and Fitch Ratings Inc.

Buffet’s investment and huge credit line extended to Home Capital strongly suggest that he’s not thinking that the Canadian housing market will collapse anytime soon; but let’s not disregard the fact that he is reaping huge rewards for the risk because he got a 33% discount for buying the shares. He will also be making 9% interest on tapped portions of the loan.

Investors are Flocking In

In a Home Capital statement issued by Buffet in last month, he said that Home Capital’s leading market position, its ability to start and underwrite well-performing mortgages, and its strong assets make his move a very attractive investment.

Buffet is just one of the long lists of investors that have taken a keen look on Home Capital’s assets in recent time. Yes, even in the middle of run on deposits and housing market risks. Other interested investors include Onex Corp., Catalyst Capital Group Inc., Brookfield Asset Management Inc. and others, shared people who have insider information on the matter.

Home Capital is also discussing refinancing their current line of credit with a Canadian pension fund with some of Canada’s major banks. The company also sold a C$1.2 billion portfolio of commercial mortgages to Toronto-based private equity firm KingSett Capital Inc.

Alan Hibben, one of Home Capital’s new board members says that Buffet’s investment is a positive indicator that there is little risk of crash in the Canadian housing market. The question is, will Buffet’s move allay fears of a housing crash? Time will tell.

Want the latest news on Canada’s housing market and mortgage situation? Be sure to follow our blogs at Homebase Mortgages. In case you are interested in refinancing your mortgage, getting a home equity loan, or securing a private mortgage, simply contact us for assistance.

Small Number of Foreign Buyers in Toronto, an Effect of Speculation Tax?

Recent reports share that non-Canadian citizens who bought homes in Ontario are just a small percentage of recent buyers after the speculation tax was implemented for foreign buyers.

Effect of Speculation Tax?

The Ontario government released a report sharing that only 4.7% of the recent real estate sales in Ontario are by foreign buyers. This data reflects the portion of the 18,282 recent home sales that were passed to foreign buyers in Toronto and Golden Horseshoe area a month after the foreign buyer tax was implemented.

In April of this year, the Liberal government implemented a non-resident speculation tax together with other measures in an attempt to cool down the red hot Toronto real estate market. They were hoping that the new tax would help control home prices even with surging demand.

The figures shared recently only covered home purchases made between the 24th of April to the 26th of May. It showed that less than 5% of the 18,282 homes that changed hands were bought by non-citizens or foreign businesses.

The Need for More Homes

Ontario Real Estate Association head Tim Hudak shared that the province’s statistics are closer to 4.9% than 4.7% according to the TREB. He also added that in view of all these, the ultimate solution would be to increase housing supply in Toronto, not make it more difficult for certain groups of people to purchase. Hudak further said that homes like stacked flats, townhouses, or midrise buildings would be the best way to address the need for more homes.

It is to be noted that the province released their data on foreign buyers a day before a housing forum convened. That forum included community and economics groups and experts and met to talk about finding ways to address housing demand and making homes more affordable.

Rushed Government Decisions?

PC Finance Critic Vic Fedeli believes that the Liberals released the data to finally have something to base their decision on. He added that unfortunately, the rushed announcement made for an awkward situation for the government because they didn’t know yet the real impact of their policy at the time.

In a phone interview, Fedeli shared that the release was loosely put together and that they are concerned that there’s lack of preparedness and lack of data concerning the matter. He further said that the government should be dealing with the red tape and arcane regulations that are slowing down housing projects instead of raising taxes.

Ontario’s speculation tax covers Greater Toronto, Niagara, Hamilton, Kitchener-Waterloo, North to Barrie and east to Peterborough. It exempts a small group of non-citizens such as spouses of a permanent resident or citizen and refugees.

The tax is part of the province’s 16-point Fair Housing Plan that sought to give young families and individuals the opportunity to purchase a home and stabilise the housing market.

The Canadian Real Estate Association shared that they recorded a 25.3% drop in sales in Greater Toronto in the period between April and May 2017. They called it the biggest monthly drop recorded in the past 5 years.

Keen on getting in on the housing action but is short of funds? We can help you at Homebase Mortgages. Contact us to inquire how.

Will Bad Credit Stop You From Getting a Home Equity Loan?

It’s no secret that getting a home equity loan can save your sanity when you need financial help for home improvements, managing your finances, or perhaps for emergency funds when getting these funds through traditional means is not possible.

Other types of loans usually come with a high interest rate or are relatively difficult to get, while a home equity loan is an easier option that comes with secure terms and friendlier interest. This is why a lot of people who need to get their finances in order opt to go for one, but what if you have bad credit?

Is it possible to get a home equity loan with bad credit?

The above is a common question, more so for people who have a lower credit score because of reasons such as having quite a lot of debt or being unable to pay some bills in the past. Bad credit will hinder you from getting other loans, but fortunately, a home equity loan isn’t off limits for people with bad credit.

Home equity loan lenders are often willing to accept applications from people with lower credit score or those who has a credit score that’s in the lower end of the spectrum.

What does this mean for you?

This means that if you’re looking for a loan provider to take care of existing debts, or you have other funding needs but already have quite a substantial debt, then you still got a chance to obtain some funding even though you have a low credit score.

Note that a source of income will have to be validated and your income should be of enough value to allow you to be able to afford paying off a loan. Having these will increase your chances of getting a loan as well as getting a favourable interest rate for your approved loan.

So how can you work on your credit score?

It often takes a few weeks to a few months for your loan to get approved, which means that you got some time to show that you are responsible enough to adhere to the terms of the loan when approved. You can try to pay off other debts to get an improved mark and improve your chances of getting approved.

How do you use your home equity loan wisely?

You can start by being extra cautious. Never take out more than you need and make sure that whatever you take can be paid off on time.

Keep in mind that your home is in line when you go for a home equity loan. No matter how small the loan is or whatever other financial issues you have to take care of, taking care of the loans that’s tied to your home should be your priority.

As for ustilising your home equity loan wisely, it can be used to:

  • Pay for home renovation or home improvement projects.
  • Consolidate debt
  • Take care of high interest loan
  • Pay off other loans or debts with a high interest rate

Curious about getting a home equity loan? We’ll be happy to assist you! Contact us today so we can tell you everything you need to know before getting a home equity loan.

Reasons Why Canadians Might Have Nothing to Fear Regarding Housing Market Correction

Is the housing market in the verge of a correction? CIBC’s economic team and chief economist Avery Shenfeld won’t say so, but fellow economists Nick Exarhos and Andrew Grantham bring up whether a housing market crash could bring down the entire economy in Canada – just like what happened to our neighbor, the U.S.A., last decade.

Is Market Correction Looming?

The 3 economists share that we aren’t really that close to a correction and that gloomy forecasts could be wrong. They also share that they’ve been often asked whether people should fear or be happy about a significant house price pull-back. The 3 economists were quick to share that a house price pull back isn’t necessarily a bad thing and that there is a possibility that it won’t trigger the same type of economic issue as what occurred south of our border a decade ago.

Will It Be Different for Us?

While some people worry, the trio says that any consequences of a house price correction will mostly be influenced by what triggered it, to begin with.

For instance, if public policy would change and cause an increase in house and apartment construction, this will bring down market prices and rent due to increased supply but at the same time, will also be great for our GDP (gross domestic product), leaving our economy at an advantage.

Another feared trigger of a crash is a huge surge in interest rate; but then, the Bank of Canada will only be doing so because our economy is doing so well. This is far from being the same as what happened down south in which poor quality credit was their downfall.

The trio shared that the U.S. housing crisis was brought upon partly by poor mortgage origination standards, something that’s not the case in Canada.

The trio also shared the following quote about circulating stories regarding record Canadian debt: “Forget about the aggregate debt-to-income ratio for the country as a whole. What matters is who has the debt, and their specific income.” This means that a development in this regard may not even affect you and followed with, “In the U.S., a surge in dubious sub-prime mortgages caused arrears rates to climb before the recession hit job growth, and the resulting forced selling led the turn in house prices by a few quarters. There is no similar advance warning being seen in Canadian arrears rates,”

Another thing they brought up is that there are no records of many major price declines in Canada, more so in the absence of a trigger such as a recession or an increasing interest rate.

A possible “wealth-effect” might be experienced where people will experience a shrinking of their net worth, but then, only 0.4% of nominal GDP growth was contributed by the housing sector to Canada’s economy last year. It won’t have that much of an impact compared to the grand scheme of things.

The trio further added that a correction by itself wouldn’t cause a national recession and that it is usually a recession that will cause house prices to drop, not the other way around.

Still not sure what to do regarding your mortgage in view of this news? Contact us and we’ll be happy to discuss things with you so that your needs will surely be met.

Are Lower Interest Rates the New Normal in Canada?

Neutral interest rates are coming every Canadian’s way, but will it be the new normal or just a fleeting thing? Bank of Canada governor Stephen Poloz says interest rates may still fluctuate, but he’s certain that they would be significantly lower than prior the financial crisis.

Poloz made the statement during a Q and A session after his talk on global trade growth and he added that it could be an effect of the lower forecast for long-term global growth. He also added that the interest rates can even go lower if present conditions are to continue and said those that are involved in the pension business needs to adapt to it or get used to it. Needless to say, he believes that neutral interest rates are here to stay for quite some time.

The Effect on Pension Funds

From the time of the 2008 global financial crisis, the world’s pension funds had to deal with uncertainty, record-low interest rates, and feeble growth. This is because pension funds have to use long-term interest rates to calculate their future expenses or liabilities. Lower interest rates mean the pension provider has to have more money to be able to pay future benefits. The Organization for Economic Cooperation and Development reported late last year that conditions now give them doubts whether annuity schemes and defined-contribution systems can deliver adequate pensions later.

What Can We Expect?

The shock of lower commodity prices can have an adverse effect on the Canadian economy so to Poloz lowered the central bank’s key rate to just 0.5%, still a bit above the historic low of 0.25% but still very low. This is to cushion the Canadian economy. He says that the higher neutral rate in the past is linked to the baby boom era, a 50-year period of more labour-force participation and overall better growth. He quickly added that that period is over during a meeting between the Securities Industry and Financial Markets Association and the Investment Industry Association of Canada.

It should be noted that with all these unpredictability, Poloz still says that current headwinds can still cause a positive change wherein interest rates will go back to more normal levels as it was prior to the financial crisis.

Poloz touched on an important topic on his speech. He says that the rapid pace of trade growth prior to the crisis isn’t likely to happen soon. However, he remains optimistic, saying that he’s not seeing any sign of a looming global recession. If any, he expressed confidence that the current trade slow-down can be slowly reversed as the global economy recovers – and he knows what he’s talking about, being a former CEO and president of Export Development Canada.

Poloz further shared that current signs point to the global economy having reached a balance point, something that has a positive outcome in the future.

As for the overall export of Canadian goods and services, EDC chief economist Peter Hall predicts an expansion of 2% for this year, as compared to 7% last year. It does look like that a slowed-down growth and a lower interest rate is the new norm, isn’t it? We’ll let time decide on that.

Interested in taking advantage of the low interest rates for a second mortgage or home equity loan? Then contact us and we might be able to help you out!

6 Major Transit Projects in Toronto to Look Forward To

2016 is the year of exciting updates and upgrades to Toronto’s transit system. Below, we share with you 6 of the upcoming major transit projects in Toronto that you should absolutely look forward to.


The heavy rail that’s supposed to go along Eglington has been taken off the table, and the residents have been asked to voice out their opinion regarding extending the Crosstown LRT west of Mount Dennis. Planners involved in the project have been asked to take a look at possible new locations and how best to connect the LRT to the airport jobs hob.

Electrified GO Service

There is a plan to create a two-way all-day service by electrifying 5 of the 7 GO lines. This means that two-way service will be available at 15-minute intervals in key sections. This project will build 6 substations and 11 switching stations aside from powering 262 kilometres of track. This will also involve building 78 overhead bridges and installing barriers.

New SmartTrack/GO Stations

A short list of 50 new station locations is being looked into by the provincial agency Metrolinx as part of the electrified GO expansion. There is a huge chance that a lot of the stations will be in the city to connect SmartTrack riders. The stops included are Finch, Lawrence, Ellesmere, Gerard-Carlaw, Unilever, Bathurst-Spadina, Liberty Village, and St. Clair.

Relief Line

City Planners have unveiled their chosen route that will be from Pape station to the new hub at Nathan Phillips Square. This route was planned to reduce the crowding at the south end of the Yonge subway and the TTC’s Yonge-Bloor station. What makes this feasible is that it won’t add up to the congestion at Union Station and will promote transit and foot connections in the financial district, Regent Park, and the rest of the downtown.

Scarborough Subway Extension

As part of the move to encourage job growth at the Scarborough City Centre, the Danforth subway is planned to have an extension going there. This planned extension’s route will be along McCowan Rd. When completed, this extension will also include an eastern extension of the Crosstown LRT going to Morningside avenue all the way to the U of T campus.

Integrated Fares

To make it easier to cross municipal borders whilst in transit, one of the options being considered is a fare-by-distance or zoned system. This new development is considered crucial for SmartTrack’s success. Toronto chief planner Jennifer Keesmaat said that this will address a current bizaare situation wherein buses usually leave full of people while GO trains leave not even half full.

Another thing of note is that Metrolinx’s the Big Move (their 2008 regional transportation plan is being reviewed. The review will note any changes and information that have changed, such as the plan for the Scarborough transit.

The 10 Most Expensive Homes in Canada

Canada’s luxury real estate is sought-after the world over, and that isn’t surprising more so after you’ve taken a look at the list of the top 10 most expensive homes in Canada below. From jaw-dropping big city mansions, exquisite ocean-side estates, to impressive rural acreages, discerning buyers are having a feast at this taste of Canadian luxury real estate.

Alberta’s 242004 Range Road 32 in Rural Rocky View M.D

With an asking price of $30 million CAD, this equestrian’s dream in Springfield, Kestral Ridge Farms boasts of 160 acres of the beautiful Canadian Rocky Mountains and the Elbow Valley. The home has separate quarters for staff, is just minutes away from Calgary, and has a lot of possibilities should you decide to further develop the land. Nevertheless, the home is grand enough now for you and your guests to live in comfortable luxury.

1 1b

Alberta’s Kettle Lake Ranch in the Rural Foothills M.D.

242 acres of Alberta’s pristine wilderness can be yours for just $28,899,000 CAD. The grounds feature a horse barn, a pasture, a paddock, and a covered bridge. The home itself is a 5,000 sq. ft. bungalow with 6 luxurious baths, tasteful details and décor, plus a high-end kitchen.

1c 2 2b 2c

Ontario’s 10 High Point Rd in Toronto

A $28,800,000 CAD palatial mansion with gold leaf wall treatments, 7 limestone fireplaces, and an onyx bar awaits you in Toronto. The magnificent urban property sits on 2 acres in the city itself!

3  3b 3c

British Columbia’s 4749 Belmont Ave. in Vancouver

This Vancouver house sits in the much sought-after Point Grey neighbourhood and is up for grabs for $25,800,000 CAD. Although the home is a boarded up relic, the fabulous views in this home is well worth the price!

4 4b 4c

Celine Dion’s ÎLE GAGNON in Laval-Ouest (Laval)

A 24,000 sq. ft. French Normand Chateau in an exclusive 830,000 sq. ft. private island can be yours for $25,500,000 CAD. All you have to do is come up with the asking price and the mansion is yours, ready to be lived-in. Hmm, tempting!

5  5b  5c  5d  5e

68 The Bridle Path in Toronto

4 acres of Toronto’s exclusive Bridle Path is up for grabs for exactly $25 million CAD. The home was designed by Gordon Ridgely Architecture & Gluckstein, making it a chateau worth craving for!

6 6b 6c 6d

Quebec’s 51 Rue Vercheres at Magog

Another opulent and stately home for exactly $25 million CAD, this 20-room home in Lake Magog sits on 8 acres of land and features 3 guest houses aside from the main home.

7 7b 7c 7d

British Columbia’s 5050 Happy Valley Lane in West Vancouver

This West Vancouver home has world class quality 8 bathrooms and 7 bedrooms sitting on 2.3 acres of land for just $22,800,000 CAD. That’s almost a steal!

8  8b  8c

British Columbia’s 4868 Belmont Ave. at Vancouver West

A contemporary 3 story home in the coveted Point Grey area, this 12,000 sq. ft. Hawaiian style mansion is on the market for $21,800,000. If you love city views, mountain views, and ocean views, this Canadian luxury home is for you!

9 9b 9c

Alberta’s Terre Blanche-25130 Escarpment Ridge in Rural Rocky View County

This $20 million CAD 17,000 sq. ft. French manor is just a stone’s throw away from Calgary. The 10-bedroom house oozes with European sophistication and luxury on a 10-acre property with magnificent views of the Canadian Rockies.


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How Brexit Can Make the Vancouver and Toronto Real Estate Markets Even Hotter

Policy makers have been trying to slow down the skyrocketing prices of homes in Toronto and Vancouver and it looks like Brexit could add more fuel to their headache. How so? Realtors from Vancouver and Toronto are currently pitching Canada’s most-loved cities as a safe haven for real estate investors now that investing in London seems a lot riskier, thanks to Brexit.

The owner of Toronto brokerage Engel & Völkers, Anita Springate-Rinaud was quoted as saying that Brexit is good for Toronto brokers, further saying that field agents will most likely begin calling to redirect their investments to Toronto – a seemingly safer bet from an investor’s point of view.

Foreign Investors Eyeing Canada for Future Investments

It is no secret that foreign investors are now viewing Canada as the land of certainty as far as real estate is concerned. In fact, if Springate-Rinaud’s statement is right, we can expect an even higher demand for our office towers, homes, and condos in Toronto and Vancouver from foreign moneyed clients.

Figures from Cushman and Wakefield shared that there’s around $443 billion in global capital that wealthy investors have set aside for commercial property that’s not used up yet. Brian Kriter, Cushman & Wakefield’s executive managing director of valuation and advisory shared that within hours of the Brexit outcome, at 6:30am Toronto time, he was discussing potential ramifications of the event with colleagues in New York and London. Since then, he has met with an Asian commercial real estate lender who is now considering channeling his funds for plans of a multimillion-dollar financing deal in London to North America instead. As you read this article, Cushman & Wakefield may have already held their client day in New York. The client day is aimed to discuss the early effects of Brexit’s fallout.

Kriter shares that there is a phenomenal amount of capital that’s just looking for a new home in commercial real estate; and that right now, that capital is very fluid. He also added that foreign investors are seeing Canada as a land of certainty.

A Quick Look Back at London

It is to be noted that during the past 10 years, central London had the biggest price increase in residential property compared to any major city and that it has also been a favoured destination for global capital that’s seeking a stable sanctuary. Knight Frank LLP shared that 3 out of 4 newly built homes in London were bought by foreign buyers in 2013 and that half of the buyers were from Asia. As for commercial property, 70% of central London purchases in 2015 were made by foreigners.

Sotheby’s International Realty in Canada chief executive officer Brad Henderson added that Brexit and the pound’s plunging in value may go the other way around and attract even more foreign buyers if it creates more predictability in the UK.

The Chinese Factor

In 2014, China invested $18.3 billion in global pursuits, and more than half of that went to Sydney, Manhattan, and London according to Toronto-based real estate firm Colliers International Group. Since then, they’ve diversified to other markets, with Canada’s market getting a bigger slice of the money over the years. Chinese investment in Canada surged to 42% of $1.4 billion as of February this year. That’s a huge leap from previously recorded 5%.

With everything said, Sotheby’s Henderson said that we are still in the early days, so concerns about real estate markets overheating in Vancouver and Toronto may just play out as an overreaction. However, he further added that Canada is still a bargain and that capital will always go towards stable, more attractive markets.