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Toronto’s housing market shot into the stratosphere over the ensuing months, prompting the Ontario government to put in place a nearly identical measure (city council in Victoria, concerned about an affordability crisis, debated but ultimately rejected a foreign buyer tax recently). RELATED: Ontario releases plan to cool hot housing market Perhaps the most appealing aspect of the province is that prices are cheap compared to Toronto and Vancouver. According to one study , $300,000 will buy you 926 square feet in Calgary and 1,176 square feet of property in Edmonton—but only 520 and 339 square-feet in Toronto and Vancouver, respectively. Foreign investors tend to deal in U.S. currency, and the low Canadian dollar makes that cash stretch even further. “For the investors who don’t have as much money, they’ll probably come and look at Calgary as an alternative,” says local real estate agent Kirby Cox. Commercial real estate in particular represents a bargain, he contends. “If you can buy a building that was 25 per cent more expensive three years ago and the dollar is also down, that’s a windfall situation if you’re willing to hold on to it.” Following Vancouver’s tax, Juwai.com, an online platform for international property buyers in China, published a blog post stumping for Calgary. Juwai claimed a new direct flight offered by Hainan Airlines between the city and Beijing will bring “an influx of Chinese visitors in the future” and that many could “purchase a home there should they fall in love with Calgary.” The company’s search data, however, show interest in Calgary has been flat, while the number of inquiries for Edmonton is up 50 per cent in the first quarter compared to the year before. Online searches don’t always translate into sales, of course, and some in the real estate are skeptical foreign buyers will turn up in a big way.

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