It’s no secret the industry craves more in-depth information about foreign real estate ownership, and now CMHC has vowed to meet with industry stakeholders to get a better idea of just how much foreign money is invested in the market.
“Currently there is no perfect source of information on the level of foreign investment in the housing market,” chief economist Bob Dugan said in a statement to The Canadian Press. “CMHC has undertaken steps to address this data gap.
“As a result, we know a lot more about it today than we did a year ago and are continuing our program of work to determine the level of foreign investment in Canadian residential real estate.”
CP received a briefing note date May 15 of this year through an Access of Information Request that says the Crown Corporation will be hosting “bi-lateral meetings” with industry players to help fill gaps in housing information, including foreign ownership.
For their part, brokers are anxious to see what information is revealed.
“I’d be happy to know how much foreign money is in the market,” Jivan Sanghera, a broker with Dominion Lending Centres
Home Capital Solutions, told MortgageBrokerNews.ca. “If there is a large number, it could certainly have a greater impact on a correction, if and when that happens.”
The two markets suspected of having the most foreign money invested are Vancouver and Toronto. But Sanghera, a Toronto-based broker, is also interested to see how much foreign money is parked in university towns as well.
Meanwhile, Kyle Green, a broker in British Columbia, believes the data will help put client minds at ease.
“I think the stats will show foreign money isn’t inflating the market that much,” Green of Mortgage Alliance
Green Mortgage Team told MortgageBrokerNews.ca. “It will help with buyer confidence if it’s revealed that prices are less influenced by foreign money.
With files from Alexandra Posadzki, The Canadian Press