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

    Democracies In A State Of War Against Terrorism, Quebec Premier Says In Paris

    Democracies In A State Of War Against Terrorism, Quebec Premier Says In Paris
    PARIS — Quebec Premier Philippe Couillard says democracies are in a "state of war" against terrorism.

    Democracies In A State Of War Against Terrorism, Quebec Premier Says In Paris

    Nova Scotia Wants To Examine Century-Old Beer Bottle Unearthed From Harbour

    Nova Scotia Wants To Examine Century-Old Beer Bottle Unearthed From Harbour
    Jon Crouse recently pulled the green, glass bottle from the silt under three metres of water and discovered that its cork was still intact and it was half full of a cloudy, sudsy liquid.

    Nova Scotia Wants To Examine Century-Old Beer Bottle Unearthed From Harbour

    Ontario Reaches Agreement In Principle With OSSTF School Support Staff

    Ontario Reaches Agreement In Principle With OSSTF School Support Staff
    TORONTO — Ontario has reached an agreement in principle with some high school support staff who have been on a work-to-rule campaign for nearly two months.

    Ontario Reaches Agreement In Principle With OSSTF School Support Staff

    Little Winnipeg Girl Named Isis Won't Be Bullied, Gets Apology From Soldier

    Little Winnipeg Girl Named Isis Won't Be Bullied, Gets Apology From Soldier
    Isis Fernandes was on a school trip Thursday and was supposed to get a certificate for completing an obstacle course, but when she told the soldier filling out the certificates her name, he didn't believe her.

    Little Winnipeg Girl Named Isis Won't Be Bullied, Gets Apology From Soldier

    Expert Says 'Meat-Eater' Name Eskimo An Offensive Term Placed On Inuit

    Expert Says 'Meat-Eater' Name Eskimo An Offensive Term Placed On Inuit
    Many historians believe the origin of Eskimo comes from an Algonquin term meaning "eaters of raw meat."

    Expert Says 'Meat-Eater' Name Eskimo An Offensive Term Placed On Inuit

    Hope Blooms Leads Surge Of Community Garden Programs For Kids Across Canada

    Hope Blooms Leads Surge Of Community Garden Programs For Kids Across Canada
    Cain grew up in Uniacke Square, a 250-unit block of low-income public housing in Halifax's north end.  The neighbourhood is beset by high unemployment rates, and a dearth of recreational facilities means it can be hard for kids to fill their spare time.

    Hope Blooms Leads Surge Of Community Garden Programs For Kids Across Canada