This article was last updated on April 16, 2022
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A recent report published by the Canadian Housing and Mortgage Corporation has highlighted that an increasing number of foreign buyers are purchasing newer condominium units in the country’s top two housing markets, i.e. Toronto and Vancouver.
The report points out that while the share of overall foreign ownership rates in the Toronto and Vancouver markets are low, i.e. 3.3 per cent and 3.5 per cent, the averages spike when it comes to newer builds. It was shared that the foreign ownership is less than 2 per cent for condos completed before 2000 but seven per cent for newer constructions completed after 2010. It stated that “this variation is even more pronounced in Toronto Centre where about 10 (per cent) of the newer stock is owned by foreigners compared to about 2 (per cent) of the stock built in the 1990s,” adding that “this effect is even more pronounced in Toronto Centre where about 10 (per cent) of the newer stock is owned by foreigners.”
Whereas on the other hand, the foreign buyers’ share in Vancouver market spikes from less than two per cent for properties built before 1990, to about six per cent for those completed since 2010. According to the report, foreign buyers are perceived as “key players whose actions could have significant implications for Canadian housing markets.” CMHC alleged that despite the published statistics on the size of foreign ownership available factual information “remains scarce.”
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