Did you know that international buyers are willing to pay more for a home (especially a second home) abroad, but the location has to be just right? It’s true! World cities like Toronto, London and even New York are considered prime, recession proof locations – plus the chance for appreciation is that much better.
“No Safe Place Like Home”
When it comes to buying luxury homes, buyers need to know that they have liquidity – buying desirable homes in the top locations means that if they need to sell they’ll be able to. Even 5 years ago at the height of the recession, desirable homes were able to sell. But it’s not just about hard investing, it’s also about homes being a status symbol.
What Are They Looking For?
It depends on the buyer, say experts. Russian buyers, for example, are looking to expand their portfolio outs of the country. They may already have a home in Moscow, a home in the country to retire to on those long, sunny days – but a second home just outside of Toronto could be a real status symbol.
The same goes for international buyers hailing from China. Many have exhausted their local options – with a domestic market that’s slowing every day, a currency that’s not only rising in value but rising in favour, a second home in Canada is a great status symbol. These buyers may be motivated by culture to pick addresses with lucky numbers (and adversely avoid those that contain unlucky ones!), but they’re still searching for a status symbol.
India and buyers hailing from the Middle East are also on the rise. With Canada’s growing profile, many professionals are attracted to the success and want to establish permanent homes here. Buyers streaming in from the US and Latin America, in much smaller numbers than the other groups, are the upwardly mobile. They’re searching for luxury properties in high interest areas, willing to pay top dollar for them.
Highly Motivated Buyers
A recent survey of international buyers showed that more than half tend to buy regionally, especially in their own countries. The other half, the half that’s motivated to go out of their country or region to buy a home, are the ones you’re most likely to encounter when buying or selling a home. They will drive home sale prices up for the right property, and since they’re usually in town just to buy they’ll go through the circuit to find the home that’s right for them.
If you’re buying or selling a home in the Greater Toronto Area (especially Oakville, one of the GTAs fastest growing communities), you’re going to have a lot of contact with international buyers. We can show you how to get them interested in your property, and we can show you how to get the property you want when it comes time to buy. Buying a luxury home is stressful enough – why make it harder than it has to be? Contact us today and see what we can do for you!