Trends in foreign ownership of Canadian real estate

The topic of foreign ownership in Canada’s housing markets continues to gain in importance and attention.

Read: Cottage season’s coming — buy or rent?

A new Canada Mortgage and Housing Corporation (CMHC) report looks at the share of foreign ownership by the age of structure. Findings reveal that share of foreign ownership is most prominent in new condominium apartment structures in Toronto and to a lesser extent in the Vancouver Census Metropolitan Areas (CMAs). The share of foreign ownership is most prominent in the newer structures in Toronto Centre.

Highlights

• In the Toronto CMA, the share of foreign ownership is less than 2% for buildings completed before 1990 and 7% for newer constructions completed since 2010. This effect is even more pronounced in Toronto Centre where about 10% of the newer stock is owned by foreigners.
• In the Vancouver CMA, foreign buyers’ share rises from less than 2% for properties built before 1990 to about 6% for those completed since 2010.

Read more here.

Also read:

Average U.S. rate on 30-year mortgage falls

Home prices continue rising in key markets

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.