Non-residents of Canada own less than 5% of housing in Toronto, Vancouver

Non-residents of Canada own less than five per cent of the housing in the Greater Toronto and Greater Vancouver areas, according to data released today by Statistics Canada.

In a joint project with the Canada Mortgage and Housing Corporation, the data agency weighed into the debate over foreign ownership in the housing market with new numbers.

The subject has been in focus this year as policymakers have begun to grapple with what sort of impact, if any, non-Canadians residents are having on the housing market. Some say a flurry of interest from foreigners is driving up prices, while others suggest the problem is not widespread and focused on small segments of the market.

The two markets examined in the report have implemented rules to crack down on foreign buyers, with Vancouver and then Toronto implementing their version of a foreign buyers tax in the past two years.

For the purposes of the report released Tuesday, Statistics Canada might include Canadian citizens in what it calls "non-residents." To the agency, a non-resident is either a Canadian citizen who no longer lives in the country (but still owns real estate) or a non-citizen who owns property in Canada without living in the country as a primary residence.

The numbers show that whatever impact non-residents are having on the market, it is relatively small. Non-residents owned 3.4 per cent of all residential properties in the Toronto and 4.8 per cent in Vancouver.

It's even smaller for the much-coveted single detached home, where non-residents own 2.1 per cent of them in Toronto and just 3.2 per cent in Vancouver.

Condo boom

It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.

On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.

The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.

CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.

While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.

Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.

"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief.

 It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.

On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.

The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.

CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.

While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.

Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.

"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief.

 It's a different story in condominiums, however, as non-residents own a larger chunk. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the figure is slightly lower, but still north of seven per cent.

On average, condominiums owned by non-residents are worth 30 per cent more than other ones, which suggests that higher-end dwellings are preferred by non-residents.

The average condo owned by a non-resident in downtown Vancouver was worth $930,600. In downtown Toronto, the average was $439,000.

CMHC has been tracking foreign ownership for a few years via a survey of owners, but the 2017 figures mark the first time Statistics Canada has weighed in on the same topic via a different set of numbers, culled from tax filings and other property assessment and title data.

While the two sets of numbers are slightly different CMHC notes that foreign buyer crackdowns in Toronto and Vancouver have had at least one unexpected impact, in that they appear to be shifting some demand to Montreal.

Non-residents owned 1.1 per cent of condos in the Greater Montreal area last year. This year, that percentage jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.

"The lack of growth in Toronto and Vancouver, combined with the increases in Montreal, indicate the possibility of a shift from these centres after the introduction of foreign buyers taxes in Ontario and British Columbia," said Bob Dugan, CMHC's chief  economist Bob Dugan.

CMHC looked at non-resident ownership levels in 17 of Canada's biggest cities, and in the vast majority of them, the percentages were below one per cent. 

Provided By: CBC

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

.page-footer-copyright a { background: url("http://www.hafezrealty.com/_media/POWERED-BY-AGENTID.png") no-repeat center center transparent; padding-top: 10px; }