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Offshore buyers snap up newer condos in Toronto, Vancouver -agency

Published 2016-04-07, 05:16 p/m
Offshore buyers snap up newer condos in Toronto, Vancouver -agency

VANCOUVER, April 7 (Reuters) - Foreign buyers own one in
every 10 condos built in downtown Toronto since 2010, according
to a study by Canada's national housing agency, which looked at
the share of offshore ownership in condominiums across the
country.
The report, from the Canada Mortgage and Housing Corporation
(CMHC), found that international buyers were most likely to
invest in newer condos in two key markets, Vancouver and
Toronto, and that interest in those markets was growing.
"In the Toronto and Vancouver CMAs, the shares of foreign
ownership also showed a statistically significant increase from
2014 to 2015," the report stated, noting that the high number of
new completions in 2015 merited further analysis.
The study is the latest by the agency as it looks to help
quantify the role foreign buyers are playing in the two red hot
real estate markets, where sky-rocketing prices are pushing
housing out of the grasp of local residents.
Foreign investment, particularly from Mainland China, in the
luxury segment of the market is increasingly being blamed for
driving up prices across the two metropolitan regions.
In the Greater Toronto metropolitan area, 7.4 percent of
newer condos are held by offshore owners, while in the city
center the number was 10.1 percent, according to the study.
In metro Vancouver, 6 percent of condos built in 2010 or
later were owned by foreign buyers. The report did not break out
downtown Vancouver ownership figures.
When factoring in older buildings, the CMHC found that 3.3
percent of all condos in metro Toronto were held by offshore
owners and 3.5 percent in metro Vancouver.


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