Foreign ownership of Canadian condos more prevalent than expected

by Ephraim Vecina12 Jan 2018
In a recent data release, Statistics Canada found that foreign nationals hold ownership of 7.9% of the condominiums in Vancouver and 7.2% of those in Toronto, a much higher proportion than previously thought.

These were the findings of the most detailed Canadian government housing study to date, Bloomberg reported. Condos accounted for about 53% of foreign property ownership in Vancouver, and 44% in Toronto.

For all types of real estate, foreigners owned 4.8% of properties in Vancouver and 3.4% in Toronto, Statistics Canada added. The purchases tended to be concentrated in downtown condos in both cities.

Read more: Tighter rules might boost activity in Canada’s mortgage bond market

The Ottawa-based agency is stepping up reporting efforts on housing in Canada’s two most expensive markets after foreign buyers were blamed for pushing prices beyond what many residents could afford. Officials have consistently cited gaps in the data that made it difficult to pinpoint who was buying homes.

The figures reported late last month were gathered as of May 2017 for Toronto, the month after the provincial government announced measures to cool the market. For Vancouver they were compiled as of June 2017.

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