Close X
Tuesday, November 26, 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

    Doctor With HIV Says A Dog Saved His Life, Launches Photo Project With Patients And Their Dogs

    Doctor With HIV Says A Dog Saved His Life, Launches Photo Project With Patients And Their Dogs
    Rob Garofalo was devastated. He'd built his medical and research career on helping young AIDS patients. Then he learned that he, too, was HIV-positive.

    Doctor With HIV Says A Dog Saved His Life, Launches Photo Project With Patients And Their Dogs

    Statcan Says Post-Secondary School Enrolments Are Climbing

    OTTAWA — Statistics Canada says the country's post-secondary institutions saw more people both enrolling and graduating during the 2013-14 school year.

    Statcan Says Post-Secondary School Enrolments Are Climbing

    Manitoba Beefs Up Protection Orders With Firearm Ban, GPS Monitoring

    Manitoba Beefs Up Protection Orders With Firearm Ban, GPS Monitoring
    WINNIPEG — Manitoba says it's beefing up its restraining orders to be the toughest in Canada.

    Manitoba Beefs Up Protection Orders With Firearm Ban, GPS Monitoring

    Justin Trudeau Keeps Election Promise In Paris With $300Million-A-Year Clean Tech Commitment

    Justin Trudeau Keeps Election Promise In Paris With $300Million-A-Year Clean Tech Commitment
    PARIS — Canada is promising $300 million a year for research and development on clean energy technology as part of splashy international kickoff to the opening day of the Paris climate conference.

    Justin Trudeau Keeps Election Promise In Paris With $300Million-A-Year Clean Tech Commitment

    Arctic, Non-arctic Nations Hold Talks On Fishing Limits At Top Of The World

    Arctic, Non-arctic Nations Hold Talks On Fishing Limits At Top Of The World
      Canada and other Arctic coast countries are meeting in Washington today with non-Arctic nations.

    Arctic, Non-arctic Nations Hold Talks On Fishing Limits At Top Of The World

    Greens Plan Facebook Video Updates From Paris Climate Conference

    OTTAWA — Green Leader Elizabeth May is working with Facebook Canada to broadcast live video updates from the global Paris climate conference.

    Greens Plan Facebook Video Updates From Paris Climate Conference