STUDY: FOREIGN HOME OWNERSHIP IN GTA LESS THAN 5%

Dec 19, 2017

By Bob Komsic

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Canada Mortgage and Housing Corporation and Statistics Canada are weighing in on the debate over foreign ownership in the Canadian housing market, specifically the Greater Toronto and Vancouver areas.
They’ve found that non-residents; Canadians who no longer live in the country but still own real estate or  non-citizens who own property without living in the country, own less than 5% in those two markets.
Both province’s have implemented a foreign buyers tax in the past two years.
CMHC and Stats Canada say non-residents owned 3.4% of residential properties in the Toronto area and 4.8% in Vancouver.
When it comes to single detached homes, non-residents own 2.1% in Toronto.
Different story for condos where more than 7% in Toronto area owned by non-residents.
But CMHC and Statistics Canada say overall what they own is more expensive and newer than the average Canadian homeowner.
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