Close X
Friday, November 8, 2024
ADVT 
National

Rate Of Foreign Ownership Of Toronto, Vancouver Condos Has Risen: CMHC

Darpan News Desk The Canadian Press, 03 Dec, 2015 12:35 PM
    MONTREAL — The number of Canadian condominiums owned by foreign residents in Vancouver, Toronto and Winnipeg rose over the past year, the Canada Mortgage and Housing Corp. says.
     
    CMHC released a survey Thursday that says foreign buyers owned 3.5 per cent of condos in Vancouver in 2015, up from 2.3 per cent last year. That's the highest rate of all 16 metropolitan areas tracked in the agency's research.
     
    In Toronto, the rate of foreign ownership rose to 3.3 per cent this year, up from 2.4 per cent the year before. The rate of foreign ownership in Winnipeg's condo market rose to 2.7 per cent, a jump from 0.1 per cent last year.
     
    The survey sheds some light on what has been a politically charged issue, particularly in British Columbia.
     
    Concerns have arisen recently that wealthy foreign buyers are driving up the cost of homes in Vancouver, making them unaffordable for local residents. Critics have suggested that the market could crash if those buyers decided to cash out and sell.
     
    The federal housing agency says it is exploring ways to broaden the scope of its research to include other types of housing, such as single family homes.
     
    CMHC says more information is also needed about what is motivating foreign buyers. For example, some may be purchasing properties to house their families, while others may be seeking revenue, either by renting the property out or by selling it when its value increases.
     
    Montreal was one of the few cities where the rate of foreign ownership of condos fell, decreasing to 1.3 per cent from 1.5 per cent.
     
     
    The rate of foreign ownership in several of the city subareas measured — including the Burrard Peninsula in Vancouver, which previously showed a rate of 5.8 per cent of foreign ownership — was withheld, with CMHC citing either confidentiality concerns or the fact that data for some areas may not be statistically significant.
     
    CMHC conducts the survey by asking property managers how many condo units in their buildings are owned by people whose permanent residence is outside of Canada.

    MORE National ARTICLES

    Fraud Prompts B.C. Securities Commission To Levy $1-Million Fine On Chilliwack Real Estate Developer

    Fraud Prompts B.C. Securities Commission To Levy $1-Million Fine On Chilliwack Real Estate Developer
    A B.C. Securities Commission panel has ordered that Rodney Wharram pay a $500,000 fine and another $517,500 to cover the amount it says he obtained by his fraudulent misconduct.

    Fraud Prompts B.C. Securities Commission To Levy $1-Million Fine On Chilliwack Real Estate Developer

    Toronto Police Seize $12 Million In Counterfeit Goods Including Blue Jays Gear

    Toronto Police Seize $12 Million In Counterfeit Goods Including Blue Jays Gear
    Toronto police say they have seized more than $12 million in counterfeit goods including Blue Jays jerseys, headphones and purses as part of an ongoing operation.

    Toronto Police Seize $12 Million In Counterfeit Goods Including Blue Jays Gear

    Winnipeg Man Pleads Guilty In Pair Of High-profile Sex Attacks, Reports Say

    Winnipeg Man Pleads Guilty In Pair Of High-profile Sex Attacks, Reports Say
    WINNIPEG — Published reports say a Winnipeg man has pleaded guilty to a pair of violent sexual assaults, including one on a teen who became a spokeswoman for the plight of missing and murdered aboriginal women.

    Winnipeg Man Pleads Guilty In Pair Of High-profile Sex Attacks, Reports Say

    Superior Court Grants Injunction That Will Postpone Quebec's Assisted Dying Law

    Superior Court Grants Injunction That Will Postpone Quebec's Assisted Dying Law
    Quebec Superior Court has granted an injunction that will postpone the implementation of a provincial law on assisted dying until at least February.

    Superior Court Grants Injunction That Will Postpone Quebec's Assisted Dying Law

    Nanaimo Pot Shops Face RCMP Crackdown As Three Dispensaries Raided

    Nanaimo Pot Shops Face RCMP Crackdown As Three Dispensaries Raided
    The warrants were served nearly three weeks after cease-and-desist letters were handed to the operators of 10 dispensaries, giving them seven days to close their doors or face possible charges.

    Nanaimo Pot Shops Face RCMP Crackdown As Three Dispensaries Raided

    Suspected Dog Poisonings Prompt Investigations By Two Ontario Police Forces

    Suspected Dog Poisonings Prompt Investigations By Two Ontario Police Forces
    TORONTO — Two Ontario police forces say they're investigating what they suspect to be deliberate attempts to poison dogs.

    Suspected Dog Poisonings Prompt Investigations By Two Ontario Police Forces