New CMHC figures suggest foreign buyers taxes have worked
.jpg)
The share of non-resident ownership of Canadian condos is less than 1% according to highly anticipated data.
The CMHC analyzed 17 census metros and found that non-resident ownership was stable in Toronto and Vancouver while Montreal saw an increase.
Toronto, Vancouver, Montréal, Halifax, Victoria and Gatineau all had higher-than-national-average rates of non-res condo ownership and Montreal’s share was 1.7%, up from 1.1% in 2016.
In the tallest structures, non-res ownership of condos in 2017 was 4.2% compared to an average 2.5% in Toronto, 3.3% compared to 2.2% in Vancouver, and 3.7% compared to 1.7% in Montreal.
"The share of condominium apartment owned by non-residents remained low and stable in Canada,” said CMHC chief economist Bob Dugan. “The lack of growth in Toronto and Vancouver, combined with the increases in Montréal, indicate the possibility of a shift from these centres after the introduction of foreign buyers' taxes in Ontario and British Columbia. Other factors attracting demand to Montréal include lower housing prices and a relatively strong economy.”
Dugan added that foreign ownership is just one factor in Canada’s rising prices. Low supply of homes and land, and demographics are key factors.
The CMHC analyzed 17 census metros and found that non-resident ownership was stable in Toronto and Vancouver while Montreal saw an increase.
Toronto, Vancouver, Montréal, Halifax, Victoria and Gatineau all had higher-than-national-average rates of non-res condo ownership and Montreal’s share was 1.7%, up from 1.1% in 2016.
In the tallest structures, non-res ownership of condos in 2017 was 4.2% compared to an average 2.5% in Toronto, 3.3% compared to 2.2% in Vancouver, and 3.7% compared to 1.7% in Montreal.
"The share of condominium apartment owned by non-residents remained low and stable in Canada,” said CMHC chief economist Bob Dugan. “The lack of growth in Toronto and Vancouver, combined with the increases in Montréal, indicate the possibility of a shift from these centres after the introduction of foreign buyers' taxes in Ontario and British Columbia. Other factors attracting demand to Montréal include lower housing prices and a relatively strong economy.”
Dugan added that foreign ownership is just one factor in Canada’s rising prices. Low supply of homes and land, and demographics are key factors.
