BUSINESS

CMHC Report On Foreign Condo Owners Finds More In Recently-Built Buildings

04/07/2016 01:40 EDT | Updated 04/08/2017 05:12 EDT
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TORONTO — A report from the federal housing agency suggests that foreign buyers are more interested in snatching up newer condos in Toronto and Vancouver than older ones.

The report says that while overall rates of foreign ownership in the Toronto and Vancouver condo markets are low — 3.3 per cent and 3.5 per cent, respectively — they spike when you look at newer buildings.

Canada Mortgage and Housing Corp. says less than two per cent of Toronto condos built before the year 2000 are foreign-owned.

foreign buyers toronto condos

Chart: Canada Mortgage and Housing Corp.

But for Toronto condos built after 2010, foreign ownership spikes to over seven per cent.

CMHC says a similar effect can be seen in Vancouver, where foreign ownership of condos built before 1990 is less than two per cent.

For Vancouver condos built after 2010, foreign ownership rises to around six per cent.

"This report represents another piece in the puzzle of foreign investment in Canada," CMHC's chief economist Bob Dugan said in a statement.

"It remains a top priority for CMHC to continue to get more information on foreign investment in Canada's housing market."

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