{"id":7813,"date":"2018-01-08T15:15:02","date_gmt":"2018-01-08T23:15:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7813"},"modified":"2017-12-20T16:24:46","modified_gmt":"2017-12-21T00:24:46","slug":"how-many-foreign-buyers-are-investing-in-canadian-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\/","title":{"rendered":"How Many Foreign Buyers are Investing in Canadian Real Estate?"},"content":{"rendered":"<p style=\"text-align: justify;\">After much speculation about the effects of foreign buyers on Canada\u2019s hottest real estate markets, the results are in \u2014 and they might not be what you\u2019d think.<\/p>\n<p style=\"text-align: justify;\">Non-residents of Canada \u2014 otherwise known as foreign buyers \u2014 account for less than 5% of housing in the GTA and the GVA, according to a joint report from Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC), released today.<\/p>\n<p style=\"text-align: justify;\">The data comes on the heels of the implementation of Ontario\u2019s foreign-buyer tax in April, which was introduced as many industry players raised fears about foreign investment driving up prices and worsening affordability. BC introduced its own tax for the GVA in April 2016.<\/p>\n<p style=\"text-align: justify;\">The data from the report found that non-residents owned a mere 3.4% of all residential property in the GTA, and only 4.8% in the GVA The numbers were highest in the condo market, however, with Toronto coming in at 7%, and Vancouver at 8%.<\/p>\n<p style=\"text-align: justify;\">\u201cThe phenomena of non-resident ownership is most pronounced for condo apartments,\u201d said CMHC chief economist Bob Dugan in a conference call this morning. \u201cBut what we\u2019re seeing is that the share of condos owned by non-residents remains low and stable.\u201d<\/p>\n<p style=\"text-align: justify;\">It\u2019s a sentiment shared by Toronto-based realtor Ralph Fox. \u201cThis data completely lines up with everything I\u2019ve seen in my work,\u201d Fox tells BuzzBuzzNews. \u201cThere\u2019s been this great hysteria about foreign buyers, and policymakers have rushed in to try and appease it. But we\u2019re undergoing an affordability crisis that is being driven by fundamentals \u2014 it\u2019s a supply problem.\u201d<\/p>\n<p style=\"text-align: justify;\">Urbanation senior VP Shaun Hildebrand agrees, although he says that the data likely isn\u2019t telling the whole story.<\/p>\n<p style=\"text-align: justify;\">\u201cI think it\u2019s important to point out that this likely isn\u2019t capturing all foreign households,\u201d he tells BuzzBuzzNews. \u201cThere are ways of masking foreign ownership that these studies can\u2019t account for, and that\u2019s why it\u2019s important to keep monitoring these numbers.\u201d<\/p>\n<p style=\"text-align: justify;\">Hildebrand also wants to know more about what foreign buyers are doing with their investments. \u201cAre they holding onto them, or are they buying and flipping them quickly?\u201d he asks. \u201cThis could help to shed some light on the situation. The numbers don\u2019t sound particularly high, but they aren\u2019t insignificant.\u201d<\/p>\n<p style=\"text-align: justify;\">Fox believes that, foreign buyers or no, Toronto and Vancouver\u2019s housing markets aren\u2019t going to become affordable anytime soon.<\/p>\n<p style=\"text-align: justify;\">\u201cToronto\u2019s market is heating up again, just like Vancouver\u2019s did once the psychological effects of their tax started to wear off,\u201d he tells BuzzBuzzNews. \u201cThese numbers confirm that Toronto is headed in the same direction.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/foreign-buyers-investing-canadian-real-estate.html\" target=\"_blank\" rel=\"noopener\">How Many Foreign Buyers are Investing in Canadian Real Estate? Not as Many as You&#8217;d Think<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After much speculation about the effects of foreign buyers on Canada\u2019s hottest real estate markets, the results are in \u2014 and they might not be what you\u2019d think. Non-residents of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\/\">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-7813","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Many Foreign Buyers are Investing in Canadian Real Estate? &#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\/2018\/01\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Many Foreign Buyers are Investing in Canadian Real Estate? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After much speculation about the effects of foreign buyers on Canada\u2019s hottest real estate markets, the results are in \u2014 and they might not be what you\u2019d think. Non-residents of &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"How Many Foreign Buyers are Investing in Canadian Real Estate?\",\"datePublished\":\"2018-01-08T23:15:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/\"},\"wordCount\":463,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/01\\\/how-many-foreign-buyers-are-investing-in-canadian-real-estate\\\/\",\"name\":\"How Many Foreign Buyers are Investing in Canadian Real Estate? 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