{"id":298,"date":"2015-12-04T11:11:18","date_gmt":"2015-12-04T19:11:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=298"},"modified":"2015-12-04T13:21:00","modified_gmt":"2015-12-04T21:21:00","slug":"cmhc-foreign-condo-ownership-on-the-rise-in-toronto-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/cmhc-foreign-condo-ownership-on-the-rise-in-toronto-vancouver\/","title":{"rendered":"CMHC : Foreign Condo Ownership on the Rise in Toronto &#038; Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">The share of foreign condo owners has risen in six of Canada\u2019s largest metro areas this year, Canada Mortgage and Housing Corporation said Thursday, deeming increases in the Vancouver and Toronto areas \u201cstatistically significant.\u201d<\/p>\n<p style=\"text-align: justify;\">The national housing agency\u2019s findings were the result of its 2015 Condominium Apartment Vacancy Survey.<\/p>\n<p style=\"text-align: justify;\">The survey tracked 16 census metropolitan areas (CMAs). It asked property managers to disclose how many units were owned by people with permanent residences beyond Canada\u2019s borders.<\/p>\n<p style=\"text-align: justify;\">Among all CMAs, the share of foreign ownership was highest in Vancouver with Toronto following closely, according to published survey results.<\/p>\n<p style=\"text-align: justify;\">In the Vancouver CMA the share of foreign ownership was 3.5%, up from 2.3% last year. In the Toronto CMA the share had risen to 3.3% from 2.4% in 2014.<\/p>\n<p style=\"text-align: justify;\">The share of foreign ownership was lowest in the Regina CMA. In this area, CMHC said foreign owners represent 0% of the market.<\/p>\n<p style=\"text-align: justify;\">CMHC classifies anyone whose primary residence is not on Canadian soil as a foreign resident, even Canadians.<\/p>\n<p style=\"text-align: justify;\">For Vancouver, Toronto, and Montreal, breakdowns of foreign ownership in subareas was included. The subarea with the largest share of foreign condo owners was Toronto Centre at 5.8%. Vancouver Centre had a 5.4% share while Downtown Montreal and Nuns\u2019 Island registered 4.9% share.<\/p>\n<p style=\"text-align: justify;\">\u201cThese results are consistent with the 2014 survey and coincide with comparatively higher purchase prices and average rents for condominium apartments in these areas relative to the remainder of the CMAs,\u201d said CMHC in a report accompanying the results.<\/p>\n<p style=\"text-align: justify;\">Going off the numbers, the national housing authority said \u201cthe shares of foreign ownership in condominium apartments remained low in the 16 CMAs surveyed.\u201d<\/p>\n<p style=\"text-align: justify;\">However, speaking to the Board of Trade of Metropolitan Montreal earlier today, Evan Siddall, CMHC\u2019s CEO and president, explained how the numbers don\u2019t paint the full picture.<\/p>\n<p style=\"text-align: justify;\">\u201cA lack of accurate and reliable data makes it difficult to determine if or how foreign ownership may be affecting the market,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s clear that we need to capture more detailed information on both foreign ownership and investment intentions, to better inform the Canadian government and housing market participants,\u201d Siddall added.<\/p>\n<p style=\"text-align: justify;\">He said it wasn\u2019t a surprise that Vancouver and Toronto topped the list. \u201cThese are Canada\u2019s largest and most international cities,\u201d he explained.<\/p>\n<p style=\"text-align: justify;\">In the report, CMHC said it was looking into getting more data by collaborating with other housing industry stakeholders.<\/p>\n<p style=\"text-align: justify;\">\u201cThis may mean surveying realtors, builders and lenders, as well as working with municipal land registries and other levels of government.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2015\/12\/foreign-condo-ownership-rise-toronto-vancouver.html\" target=\"_blank\">CMHC : Foreign Condo Ownership on the Rise in Toronto &amp; Vancouver<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The share of foreign condo owners has risen in six of Canada\u2019s largest metro areas this year, Canada Mortgage and Housing Corporation said Thursday, deeming increases in the Vancouver and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/cmhc-foreign-condo-ownership-on-the-rise-in-toronto-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-298","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMHC : Foreign Condo Ownership on the Rise in Toronto &amp; Vancouver &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/cmhc-foreign-condo-ownership-on-the-rise-in-toronto-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC : Foreign Condo Ownership on the Rise in Toronto &amp; 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