With economists concerned over the heat in the market, CMHC is responding to calls for more data on what is driving prices up. Some believe that foreign investment in our major cities is a large factor; this has been the case in some overheated markets elsewhere, for example in London, England.
CMHC’s Condominium Owners Survey is expected next month and is the result of a study conducted last autumn of those who have bought ‘at least one condo that is not their main residence’. It does not look like the report will show the level of foreign investment, and may be in line with a previous study focusing on the intentions of the owners regarding their property (second home, rental market, etc.) and how it was financed. That report was never published as the data was deemed not to be reliable enough.
A new report from the Canada Mortgage and Housing Corporation is set to shed some light on condo ownership; specifically just how much foreign investment is driving prices.