GTA (Great Toronto Area) is the most popular Canadian destination for international and local real estate investors. GTA has seen an increase in housing prices by more than doubled over the past ten years. One of the key drivers for the rise in housing prices is the country’s favorable immigration policy.
Chinese are one of the most prominent ethnic groups that migrate to Canada. Many Chinese immigrants are successful and enjoy real estate investing. They will buy a house to settle down when they arrive in Canada. As a Toronto-based Chinese real estate agent, I have served many clients from China, Hongkong and Taiwan over the past few years. Their buying power is amazing.
Richmond Hill is a popular place to live for the Chinese. It is located in the heart of the York Region, where you will find many other quality communities like Markham, Vaughan, and Stouffville. Because of the outstanding educational resources, many Chinese choose Richmond Hill to settle down or invest. Richmond Hill is home to many famous schools such as Bayview Secondary School, St. Theresa of Lisieux Catholic School, and Richmond Hill High School. Many of my real estate clients choose Richmond Hill for the larger living spaces and more comfortable living environments than Toronto.
Richmond Hill’s unique geographic location, picturesque natural scenery, and long history and cultural traditions make it a beautiful place. Because of its accessibility, Richmond Hill is a favorite spot for the Chinese. There are many shops that sell Chinese goods, Chinese food, and Asian groceries. Even though not everyone speaks English, it is possible to live in the city. Richmond Hill is located close to Toronto. North York, Toronto, is only five kilometers from Richmond Hill.
However, Richmond Hill housing is quite expensive. A typical price for a double detached four-bed house is about $2M. Single garage semis with three bedrooms are approximately $1.2M. Chinese investors prefer to invest in semi- or townhomes that are lower priced. If they are eligible for 80% bank financing at historically low-interest rates, they will receive a 6-7% annual rental return on the current market. Many Chinese people buy property hoping to increase its housing value. Although Richmond Hill has very little land, many residents and immigrants want to live in this area.
My office is in Richmond Hill’s core, close to Highway 7 and Leslie. Alan Zheng is a bilingual Richmond Hill real estate agent who can help you buy a home in GTA.
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