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International Property
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Hongkongers eyeing Canadian homes should move fast, as booming prices to only rise further next year, analysts say

  • From January to October, home transactions reached 581,275, surpassing the 552,423 homes sales recorded last year
  • Canada’s average home prices have risen by 23.4 per cent year on year in 2021

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A home for sale in Toronto. Although prices seem high, they are likely to be even higher next year, an analyst says. Photo: Reuters
Cheryl Arcibal

Home sales in Canada hit a historic high in October this year, and Hongkongers looking to buy property in the north American country should not wait for a correction and make their purchases as soon as possible, agents and analysts said.

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From January to October, home transactions reached 581,275, surpassing the 552,423 homes sales recorded last year, according to data from The Canadian Real Estate Association, which represents more than 135,000 real estate professionals. Canada’s average home prices rose by 23.4 per cent year on year in the process.

“I don’t expect prices to decline. If Hong Kong investors are looking to buy into the Canadian market, I would not suggest that they wait for a crash or a correction,” said Keelan Chapman, the Hong Kong-based director and founder of Canadian Real Estate Investment Centre. “It’s better to invest earlier than wait for a correction that may never happen – and then they’re going to get priced out.”

Hongkongers have not rushed to buy properties in Canada in recent months, despite promises by Canadian politicians to ban foreigners from buying homes for two years to cool down runaway prices. Their enquiries have, however, increased.

“The demand has always been there. I would not say there has been an uptick in the demand, but what we have seen is that the amount of enquiries has doubled in recent months,” Chapman said.

The Bank of Canada building in Ottawa. Canada has kept interest rates unchanged but signalled a potential hike next year. But this was unlikely to cool down the market. Photo: Reuters
The Bank of Canada building in Ottawa. Canada has kept interest rates unchanged but signalled a potential hike next year. But this was unlikely to cool down the market. Photo: Reuters
Immigration is a cornerstone policy of Canada’s, with 400,000 immigrants coming in 2021, a number that is set to increase in the coming years, according to Alisha Ma, managing partner at Halcyon Counsel, which has helped Hongkongers emigrate to Canada.
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