Foreign real estate buyers prefer new buildings in Toronto
Canada Mortgage and Housing Corporation (CMHC) has released its latest Housing Market Insights (HMI) report about foreign ownership in Canada’s housing market.According to the report, foreign interest in Canada’s housing market continues to gain in importance and attention.
Findings reveal that share of foreign ownership is most prominent in new condominium apartment structures in Toronto and to a lesser extent in the Vancouver Census Metropolitan Areas (CMAs). The share of foreign ownership is most prominent in the newer structures in Toronto Centre.
“The really interesting thing about this report is the insight it provides into foreign ownership of condominiums in Canada by age of structure. For example, in the downtown core of Toronto, we know that, in buildings completed since 2010, about 10 per cent of those units are owned by foreign buyers. This compares to about 2.3 percent for units completed during the 1990s. This represented another piece in the puzzle of foreign investment in Canada. It remains a top priority for CMHC to continue to get more information on foreign investment in Canada’s Housing market.” said Bob Dugan, Chief Economist, Canada Mortgage and Housing Corporation.