This past summer, CMHC attempted to determine the percentage of condos in Canada that are owned by domestic investors. Since then, it has admitted uncertainty of what percentage of condos are owned by foreign investors.
Admitting to lacking the proper data to figure out the foreign percentage, CMHC president Evan Siddall says that CMHC believes the level of foreign ownership in the Canadian housing market to be excessive.
“CMHC continues to explore opportunities to enhance the availability of information on foreign and corporate investment activities in the housing market,” Bob Dugan, chief economist at CMHC’s Market Analysis Centre said in a summer release.
According to CMHC, 82.9 percent of condo owners reside in their unit, while 17.1 percent are owned by condo investors. However, these numbers do not include any details about foreign investors.
“As information on condominium investment is rather limited at this time, CMHC has gathered new data on a segment of domestic condominium investment activity in Toronto and Vancouver,” said Dugan. This survey helps to give some insight on the profile and purchasing motivations of a condo investors in these cities.
Meanwhile, one of Toronto’s most prolific developers, Brad Lamb, told the CBC in August that he estimates foreign investors make up about 50 percent of the ownership of condos in Ontario’s capital city.
I’m One, What Do I Qualify For?