The Canada Mortgage and Housing Corporation admits it has little knowledge of the level of foreign investment in the real estate market but insists that it’s not a problem.
Foreign ownership of property is blamed in part for the high prices, especially in our major markets, and there are concerns that we could see ‘ghost towns’ of investment property left empty by investors.
Speaking to the Financial Post Evan Siddall, president of CMHC admits there are gaps in their data and says that while they are able to carry out telephone research on domestic ownership they wouldn’t know who to call in Hong Kong or Singapore. Siddall says that based on what they do know the agency does not believe that foreign ownership is excessive.
Estimates on foreign ownership run as high as 50 per cent in the condo sector.
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