Close X
Thursday, November 28, 2024
ADVT 
National

CMHC Conducting Research On Foreign Ownership Of Canadian Real Estate

The Canadian Press, 25 Sep, 2015 12:40 PM
  • CMHC Conducting Research On Foreign Ownership Of Canadian Real Estate
TORONTO — Data indicating how much of Canada's real estate is being snatched up by foreign buyers is scant, but the country's national housing agency is working to change that.
 
In a briefing note dated May 15, 2015, obtained by The Canadian Press through an Access to Information request, Canada Mortgage and Housing Corp., says it will be hosting "bi-lateral meetings" and roundtables with industry stakeholders to fill a number of data gaps, including the share of new and existing homes owned by foreigners.
 
The initiative will go beyond the limited data the agency currently gathers, including a survey of property managers indicating how many condo units are owned by people whose permanent residence is outside of Canada.
 
"Currently there is no perfect source of information on the level of foreign investment in the housing market," chief economist Bob Dugan said in a statement to The Canadian Press.
 
"CMHC has undertaken steps to address this data gap. As a result, we know a lot more about it today than we did a year ago and are continuing our program of work to determine the level of foreign investment in Canadian residential real estate."
 
The contentious issue has been in the spotlight recently, especially in Vancouver, where some have blamed demand from offshore buyers for the city's soaring home prices.
 
In August, Conservative Leader Stephen Harper waded into the debate, saying that if re-elected, the Tories would gather data on foreign ownership of Canadian homes — and would even consider implementing taxes and other rules to govern the practice.
 
However, the briefing note prepared for Pierre Poilievre, the minister responsible for CMHC, suggested that work was already underway at CMHC.
 
 
"For high priority data gaps that it cannot address on its own, CMHC has started to engage in discussions with other data providers and organizations," the document reads.
 
"Although this work is at an early stage, CMHC will keep you informed regarding progress."
 
Other gaps that CMHC intends to address include the total volume of mortgages issued and outstanding and mortgage data broken out by lender type, characteristics of borrowers, property type and geographic location.
 
In another briefing note, the agency said it is keeping a close eye on the rise of unregulated mortgage lenders such as mortgage finance corporations, mortgage investment corporations and individuals.
 
"The exact number of unregulated lenders in Canada is not known since this includes private individuals and a multitude of small private firms," the note, dated May 26, 2015 and also obtained under the Access to Information Act, reads.
 
"CMHC and its government partners continue to closely monitor developments in unregulated mortgage lending."

MORE National ARTICLES

Tories' Election Pledge Runs Into Terry Fox Turbulence On Campaign Trail

Tories' Election Pledge Runs Into Terry Fox Turbulence On Campaign Trail
An apparently ill-advised Conservative attempt to score some electoral points by invoking one-legged runner Terry Fox has Stephen Harper on the defensive.

Tories' Election Pledge Runs Into Terry Fox Turbulence On Campaign Trail

U.S. Lawyer Moves From Lobbying For Pot Laws At Home To Urging B.C. Politicians

U.S. Lawyer Moves From Lobbying For Pot Laws At Home To Urging B.C. Politicians
Tonia Winchester said she thinks British Columbia is ready for a policy shift and that its other large city, Victoria, could also be a model for the rest of the country.

U.S. Lawyer Moves From Lobbying For Pot Laws At Home To Urging B.C. Politicians

Ghost Of Sea King Replacement Haunts Trudeau's F-35 Stealth Fighter Pledge

Trudeau's pledge to back out of the F-35 program would not mean contract penalties since there is no signed agreement to break. 

Ghost Of Sea King Replacement Haunts Trudeau's F-35 Stealth Fighter Pledge

Vancouver Island Dad Punches A Cougar In The Face To Rescue His 2-Year-Old Girl From Its Jaws

Vancouver Island Dad Punches A Cougar In The Face To Rescue His 2-Year-Old Girl From Its Jaws
TAHSIS, B.C. — A Vancouver Island man punched a cougar in the face Monday to rescue his two-year-old girl from its jaws.

Vancouver Island Dad Punches A Cougar In The Face To Rescue His 2-Year-Old Girl From Its Jaws

Saskatchewan RCMP Officers Bring Chips, Salsa, Warnings To High School Frosh Party

Saskatchewan RCMP Officers Bring Chips, Salsa, Warnings To High School Frosh Party
REGINA — RCMP officers turned out to be the life of the party in a small Saskatchewan community.

Saskatchewan RCMP Officers Bring Chips, Salsa, Warnings To High School Frosh Party

Nova Scotia Boat Captain Sentenced To 10 Years For Role In Violent Death At Sea

Nova Scotia Boat Captain Sentenced To 10 Years For Role In Violent Death At Sea
A Cape Breton lobster boat captain was sentenced to 10 years in prison Tuesday for his role in the violent death of a neighbour accused of repeatedly cutting his traps.

Nova Scotia Boat Captain Sentenced To 10 Years For Role In Violent Death At Sea