

The share of foreign ownership in condominium apartments remained low in major Census Metropolitan Areas in Canada, according to the Canada Mortgage and Housing Corporation report.

“Foreign ownership is just one factor influencing Canada’s housing markets – but it’s an important one that continues to gain attention. Our studies show that the share of foreign ownership remains low and concentrated in newer, larger buildings located in the cores of major cities like Vancouver, Toronto and Montreal. We continue to work with our partners in finding new ways to bring this important story into sharper focus.” said Bob Dugan, Chief Economist, Canada Mortgage and Housing Corporation.

National Report Highlights;

-Foreign ownership of condominiums was highest in Vancouver and Toronto at 2.2% and 2.3%, respectively. However, both markets saw a decline in share of foreign ownership compared to last year.

-The 2016 shares in both Vancouver and Toronto were more in line with those in 2014. The relatively higher shares observed in 2015 were due to an unusually high proportion of foreign ownership in newly constructed condominiums that year relative to 2014 and 2016.

-Foreign ownership in Montréal remained relatively stable at 1.1%. Foreign ownership remains higher in Downtown Montréal and Nuns’ Island, at 4.3%.

-Outside of the above mentioned CMAs, the share of foreign owners ranged from a low of 0.2% in Saskatoon and Regina to a high of 1.2% in Halifax.

-Foreign ownership continues to be higher among newer and larger buildings in the central areas of Toronto and Vancouver. In Toronto, the share of foreign ownership rose to 3.9% in buildings completed since 2010 and in buildings with more than 500 units, it rose to 5.5%. In Vancouver, newer buildings saw a 5.0% share of foreign owners while buildings with more than 100 units reported 3.2% share of foreign owners.

Source: CMHC