Close X
Friday, November 29, 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

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police
    RCMP say an eastbound Toyota Tacoma collided with a northbound Subaru Impreza just before 8 p.m. Tuesday.

    Dark, Rainy Conditions Before Serious Langley Crash That Injured Driver: Police

    Ontario Auditor Finds Hydro Consumers Pay Billions Extra For Liberal's Decisions

    TORONTO — Auditor general Bonnie Lysyk says electricity customers in Ontario have paid billions of dollars for the Liberal government's decisions to ignore its own planning process for new power generation projects.

    Ontario Auditor Finds Hydro Consumers Pay Billions Extra For Liberal's Decisions

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP
    RCMP in Richmond, B.C., say officers responding to a report of a theft at an apartment building confronted the suspect who was observed with a bike.

    Frigid Dip Into B.C. Fishing Harbour No Escape For Alleged Bike Thief: RCMP

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops
    SAGUENAY, Que. — Quebec police say drugs may have caused the deaths of two men who were found 48 hours apart in the same bed.

    Drugs May Have Caused The Deaths Of Two Men 48 Hours Apart In Quebec Home: Cops

    RCMP Plans New Investigative Team As Part Of Cybercrime Strategy

    RCMP Plans New Investigative Team As Part Of Cybercrime Strategy
    OTTAWA — The RCMP plans to set up a cybercrime team to investigate the most significant online threats to Canada's reputation and economy.

    RCMP Plans New Investigative Team As Part Of Cybercrime Strategy

    A Breakdown Of Promised Liberal Spending On Green Infrastructure, Technology

    OTTAWA — The Liberal government has promised more than $13 billion in new spending that could help reduce the amount of Canada's greenhouse gas emissions. Some details:

    A Breakdown Of Promised Liberal Spending On Green Infrastructure, Technology