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

    Greg Boswell, Scottish Climber Lives To Tell Tale Of Attack By Grizzly In The Canadian Rockies

    Greg Boswell, Scottish Climber Lives To Tell Tale Of Attack By Grizzly In The Canadian Rockies
    TORONTO — A Scottish man says he's recovering after being attacked by a grizzly bear while climbing in the Rocky Mountains. On his Facebook page, Greg Boswell says he's "OK, just a little shook up and sore."

    Greg Boswell, Scottish Climber Lives To Tell Tale Of Attack By Grizzly In The Canadian Rockies

    Canadians Borrowing More, But Delinquency Rate Lowest In More Than Six Years

    Canadians Borrowing More, But Delinquency Rate Lowest In More Than Six Years
    OTTAWA — Canadians in oil-producing provinces are having a harder time paying their bills, even as the national delinquency rate improves to its lowest level in more than six years.

    Canadians Borrowing More, But Delinquency Rate Lowest In More Than Six Years

    Complaints For Wireless Down For First Time While Internet Issues Rise: Watchdog

    Complaints For Wireless Down For First Time While Internet Issues Rise: Watchdog
    TORONTO — Canadians had fewer official complaints about their wireless communication services but more concerns about their Internet plans, according to the latest report from the telecom industry's consumer watchdog.

    Complaints For Wireless Down For First Time While Internet Issues Rise: Watchdog

    Former Calgary Hospital Worker Charged With Accessing Information On 240 People

    Former Calgary Hospital Worker Charged With Accessing Information On 240 People
    EDMONTON — A former Calgary hospital worker is facing 26 counts of accessing the health information of more than 200 people.

    Former Calgary Hospital Worker Charged With Accessing Information On 240 People

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries
    Jamie-Lynne Knighten says Matthew Jackson stepped up to pay her $200-bill on Nov. 10 after her credit cards were declined at the cash register.

    Canadian Woman Honours Stranger Who Died After Paying For Her Groceries

    Canada Needs Strategy To Combat Influence Of Money In U.S. Politics: Ambassador

    OTTAWA — Canada's ambassador to the U.S. says this country needs to find a way to combat the influence of big money in American politics, which is getting in the way of the interests of both countries.

    Canada Needs Strategy To Combat Influence Of Money In U.S. Politics: Ambassador