New stats from the Canada Mortgage and Housing Corp reveal that 90 per cent of Canada’s purpose-built rental apartments are owned by individuals or private corporations.
The Rental Ownership Structure in Canada report is part of the agency’s aim to fill the data gaps and give better insight into foreign ownership of Canada’s residential real estate.
Foreign ownership of purpose-built rentals is just 2.4 per cent nationally.
“Purpose-built rental buildings are an important part of the rental supply in Canada, especially in urban centres where they house slightly more than half of households who rent,” said Gustavo Durango, CMHC senior economist. “While individual investors and private corporations own the bulk of these buildings, it’s interesting to note that these groups are not evenly represented across major markets.”
reveal that individual investors are more likely to own rentals in the lowest cost markets, such as Quebec; while in more expensive markets such as Vancouver and Edmonton, private corporations have a larger share.
The exception is Toronto, where individuals have an above-average concentration with private corporations having a lower-than-average concentration.
Overall, individuals hold 49.3 per cent of purpose-built rental apartments in Canada; private corporations 39.7 per cent; REITS 7.9 per cent; and public corporations 2.5 per cent.
Rents tend to be lower for those apartments owned by individuals or private corporations.
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