For those who are skeptical that the federal government and its agencies are genuinely trying to calculate the level of foreign ownership of Canadian real estate and the effects that it may have on housing markets; there is some hope. The Canadian Press has obtained documents that show that the Canada Mortgage and Housing Corporation is working to plug the gaps in data.
This action will include bi-annual meetings with industry stakeholders. The intention is to get a clearer picture of foreign ownership including how many condos are owned by those who are not permanent residents of Canada.
In a statement, chief economist Bob Duggan commented that as a result of the work that CMHC has already undertaken “we know a lot more about [foreign ownership levels] 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."
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