November 30, 2016
Foreign Ownership in Canada’s Housing Market Remains Low
Foreign ownership is just one factor influencing Canada’s housing markets — but it’s an important one that continues to gain attention. Analysis from two new Housing Market Insights shows that the share of foreign ownership remains low. In some CMAs it even declined over the last year.
Foreign ownership of condominiums was highest in Vancouver (2.2%) and Toronto (2.3%). However, both markets saw a decline in foreign ownership compared to last year.
Within Vancouver and Toronto, foreign ownership continues to be highest among newer and larger buildings in central areas. In Toronto, the share of foreign ownership rose in buildings completed since 2010 (3.9%), and in buildings with more than 500 units (5.5%). In Vancouver, newer buildings saw a 5.0% share of foreign owners while buildings with more than 100 units reported a 3.2% share.
Beyond Vancouver and Toronto, the share of foreign owners ranged from a low of 0.2% in Saskatoon and Regina to a high of 1.2% in Halifax.
In Montreal, foreign ownership remained stable at 1.1%. In 2015, between 4% and 8% of foreign owned condos in the city were left empty. Additionally, 40% of foreign buyers who bought their unit that year did so without a mortgage, compared to 15% of all buyers. In general, the condominiums owned by foreigners in central areas of Montreal had higher values than those owned by Canadians.
Read the full Housing Market Insight — Canada Foreign Investment
Read the full Housing Market Insight — Montreal CMA