December 3, 2015
Foreign Ownership of Condominium Apartments in Canadian Housing Markets
Housing Market Insight — Canada
Some recent media stories raise concerns that foreign buyers are pushing Canadian housing prices beyond levels affordable to Canadian residents.
In this Housing Market Insight (HMI), CMHC used results from its Condominium Apartment Vacancy Survey to determine the share of condominium apartments owned by foreign residents in 16 Canadian Census Metropolitan Areas (CMAs).
Some key results of the fall 2015 survey indicate:
- Shares of foreign ownership of condominium apartments remained low in the CMAs surveyed.
- Share of foreign ownership ranged from zero per cent in the Regina CMA to 3.3% and 3.5% in the Toronto and Vancouver CMAs, respectively.
While both domestic and foreign investment can be speculative, foreign investment may be more mobile and subject to capital flight, thereby increasing volatility in Canadian housing markets.
As Canada’s authority on housing, CMHC is committed to leading through information and insight and is working to identify and fill significant data gaps, including those related to foreign investment and ownership in the Canadian housing market.
This is the second release from CMHC’s new Housing Market Insight series providing in-depth analysis.
Read the full report — Housing Market Insight, Foreign ownership in condominiums in Canada