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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





13 March 2019

New study about non-residents home ownership in Canada

In 2018, a Canada Mortgage and Housing Corporation survey showed that 68% of Vancouverites believe foreign buyers are pushing home prices higher. A new report says it could be true.

According to the report, 19.2% of Vancouver condominiums constructed in 2016-17 are owned by at least one non-resident buyer. In case of total properties, the number goes down to 15.3%. Meanwhile, it was only 11.2% for condos built in Vancouver between 2011 and 2015. The CMHC says 10.4% of condos in British Columbia also have non-resident ownership.

However, the general results are lower with only 4.9% of Metro Vancouver homes owned by non-residents. The number of properties with at least one non-resident owner rose to 7.6% in the City of Vancouver and 6.2% across British Columbia.

"Such information helps us understand the influence of non-residents on demand in Canadian real estate markets, and this issue is of public interest when it comes to investment behaviour,” - noted Aled ab Iorwerth, deputy chief economist at CMHC.

In case of Ontario, 3.3% of homes have at least one foreign owner, and in Toronto the number reaches 3.8%. Moreover, 6.1% of provincial condos are owned by at least one non-resident, and in Toronto it’s 7.6%.

Nova Scotia is also attracting foreign buyers, though not so strongly as the two most expensive housing markets of Canada. CMHC says only 7.1% of properties here have at least one non-resident owner, and it’s 4.3% for Halifax. Many believe the non-residents prefer buying vacation properties in this province.

The average cost of condos owned by non-residents is the highest in British Columbia (29.1%), with Ontario (20.2%) and Nova Scotia (10.8%) following.

 

 

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