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Rate of foreign ownership of Toronto, Vancouver condos has risen: CMHC

MONTREAL — Canada Mortgage and Housing Corporation says the number of Canadian condos owned by foreign residents in Vancouver, Toronto and Winnipeg rose over the past year.

CMHC released a survey today that suggests that 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.

In Winnipeg, the rate of foreign ownership in the condo market rose to 2.7 per cent, a jump from 0.1 per cent last year.

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.

The Canadian Press

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