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

    Peace River North MLA Pat Pimm Will Not Run In 2017 Provincial Election

    Peace River North MLA Pat Pimm Will Not Run In 2017 Provincial Election
      VANCOUVER — British Columbia MLA Pat Pimm is retiring, but the Peace River North politician won't be leaving the legislature for a while.

    Peace River North MLA Pat Pimm Will Not Run In 2017 Provincial Election

    Worker Killed At Goldcorp's Musselwhite Mine In Northern Ontario, Work Suspended

    Worker Killed At Goldcorp's Musselwhite Mine In Northern Ontario, Work Suspended

    VANCOUVER — Goldcorp Inc. (TSX:G) says a worker has been killed at its Musselwhite Mine in ...

    Worker Killed At Goldcorp's Musselwhite Mine In Northern Ontario, Work Suspended

    Feds Give UN $100 Mil For Syrian Refugee Relief, Including Work For Canada

    Feds Give UN $100 Mil For Syrian Refugee Relief, Including Work For Canada
    It's part of a larger $100 million contribution to the United Nations High Commissioner for Refugees that the Liberals promised during the election campaign.

    Feds Give UN $100 Mil For Syrian Refugee Relief, Including Work For Canada

    Federal Government Settles Wrongful Conviction Lawsuit With Ivan Henry

    B.C. Supreme Court has heard the government will settle for an undisclosed amount in the wrongful conviction lawsuit brought by Ivan Henry after his acquittal on 10 counts of sexual assault in 2010.

    Federal Government Settles Wrongful Conviction Lawsuit With Ivan Henry

    B.C. Transportation Minister Says Highway Of Tears Changes Coming

    Eighteen women have been murdered or disappeared along the highway and adjacent routes since the 1970s.

    B.C. Transportation Minister Says Highway Of Tears Changes Coming

    Man Accused In Deaths Of Two Boys Killed By Python Ordered To Stand Trial

    Man Accused In Deaths Of Two Boys Killed By Python Ordered To Stand Trial
    CAMPBELLTON, N.B. — The lawyer for a man accused in the deaths of two boys killed by a python in New Brunswick says his client has been ordered to stand trial.

    Man Accused In Deaths Of Two Boys Killed By Python Ordered To Stand Trial