Close X
Sunday, November 24, 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

B.C. Politicians Assaulted Decades Earlier Demand End Of Rape Culture

B.C. Politicians Assaulted Decades Earlier Demand End Of Rape Culture
Margo Wagner and Joan Sorley had been friends for years before they realized they'd both been raped.

B.C. Politicians Assaulted Decades Earlier Demand End Of Rape Culture

B.C. Bishop Says Abstinence Is The Only Healthy Choice Over Hpv Vaccine

B.C. Bishop Says Abstinence Is The Only Healthy Choice Over Hpv Vaccine
A Catholic bishop in British Columbia says a vaccine that protects girls against a sexually transmitted infection isn't inherently wrong, but abstinence is the only healthy choice.

B.C. Bishop Says Abstinence Is The Only Healthy Choice Over Hpv Vaccine

Guy Turcotte Trial Hears That He Admits To Causing Children's Deaths

Jurors at Guy Turcotte's first-degree murder trial heard Thursday that he admitted to causing the deaths of his two children.

Guy Turcotte Trial Hears That He Admits To Causing Children's Deaths

Jewish Groups 'Astonished' That NDP Candidate Not Aware Of Auschwitz

Jewish Groups 'Astonished' That NDP Candidate Not Aware Of Auschwitz
Leaders in the Jewish community reacted with dismay on Thursday after it was revealed that Alex Johnstone, the NDP candidate in Hamilton, Ont., referred to fence posts at Auschwitz as being phallic on Facebook in 2008

Jewish Groups 'Astonished' That NDP Candidate Not Aware Of Auschwitz

RCMP File Terrorism Charges Against Man Believed To Be Fighting Overseas

RCMP File Terrorism Charges Against Man Believed To Be Fighting Overseas
Farah Mohamed Shirdon, 22, faces several offences, including participation in the activity of a terrorist group and instructing others to carry out terrorist activity.

RCMP File Terrorism Charges Against Man Believed To Be Fighting Overseas

Lodge Your Complaint: Some Winnipeg NHL Fans Upset With New Obstructed Views

Lodge Your Complaint: Some Winnipeg NHL Fans Upset With New Obstructed Views
WINNIPEG — Ron Wersch got a surprise when he walked up to his usual seat for the first NHL exhibition game in Winnipeg this season: a wall of Plexiglas and metal to his front and side that blocks his view of a good portion of the ice.

Lodge Your Complaint: Some Winnipeg NHL Fans Upset With New Obstructed Views