Foreign Housing Investment In GTA
May Be Larger Than Reported
The first comprehensive data on foreign ownership in the Toronto housing market is raising as many questions as it hoped to answer.
The new statistics, compiled in a unique collaboration between Statistics Canada and the Canada Mortgage and Housing Corp., found non-resident ownership in the GTA amounted to 3.4% of all housing, or 3% of the total residential property value.
“What's important is that it's the first data to shed light on this topic,” CMHC Vancouver Principal Market Analyst Eric Bond said. “Until this data, we didn't have any information on this.”
The report, which focuses on Toronto and Vancouver…
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