OTTAWA — New research on the Canadian housing market shows foreign buyers account for a small portion of home and condominium owners in the country’s largest city.
Non-residents owned 3.4 per cent of all residential properties in Toronto, according to new housing statistics by Canada Mortgage and Housing Corp. and Statistics Canada.
In Vancouver, non-residents owned 4.8 per cent of residential properties.
CMHC also says that foreign buyers owned less than one per cent of the condo stock in 17 metropolitan areas across the country.
The figures mark the first time that CMHC and Statistics Canada have quantified the level of foreign ownership in the country’s hot housing market to see how much influence foreign buyers have over skyrocketing prices.
Ontario and B.C. have rules in place to try and dampen foreign interest in buying up properties as investments to cool prices.