Non-resident ownership of homes in Canada’s major cities is on the rise, data from Canada Mortgage and Housing Corporation indicates.
In Toronto, while the share of condos held by non-resident owners went down slightly from 3.3% in 2019 to 3.1% in 2020, foreign buyers accounted for a significant amount of newer condo construction in the market.
“In 2020, non-residents owned 5.4% of condos built after 2010 in the city… In absolute terms, that works out to 6,903 units made after 2010, up 2.51% from a month before,” Better Dwelling said in its analysis of the CMHC figures. “The rate fell, but the actual number of units owned by non-resident investors saw an increase. Over one in 20 condos made after 2010 are owned by non-residents.” # SANDI HALPERN #LEASED # SOLD # NON RESIDENTS
Post a comment