The amount of foreign investment in Canada’s condominiums appears to be significantly less than what some critics say, according to new figures by Canada Mortgage and Housing Corp (CMHC) .
The highest population of foreign condo owners across the country belongs to Toronto, but only sits at 2.4%.
As of October, CMHC data said Vancouver, Montreal and Calgary hold 2.3%, 1.5% and 0.2%, respectively.
Industry observers believe “condos have become a handy place to park money, particularly for wealthy investors from China, and that the units end up staying empty or only briefly occupied,” The Globe and Mail stated.
They also believe that the increasing number of foreign property owners across the country can lead to more hikes in housing prices.
“CMHC recognizes that there is demand to fill information gaps with respect to Canada’s housing markets,” the agency said in a news release.
“To address this need CMHC has, for the first time, asked property managers to provide information on the total number of condominium apartment units owned by people whose permanent residence is outside of Canada as part of its survey.”
A study from last year said nearly 25% of condos in some Vancouver areas remained empty or were occupied by non-Canadians.
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