New report to shed light on condo foreign investment

New report to shed light on condo foreign investment

New report to shed light on condo foreign investment 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.

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.
4 Comments
  • David 2014-07-28 11:13:24 AM
    You would think that with all the information gathered during a property sale by Realtors and Lawyers that someone could come up with the percentage of foreign ownership!
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  • Doug King 2014-07-28 12:10:49 PM
    And CMHC in its Divine Wisdom decided that only condos purchased by individuals 'who have bought at least one condo that is not their main residence' are those driving up prices? HMMM? I thought all demand did.
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  • Hensey Khan @Hensey Financial 2014-07-28 11:18:16 PM
    Just don't over build condos, and those you do build, build for average people, recent graduates etc and you will be just fine. We do not have more room specially in the city of Toronto for those super luxury elite condos.
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