Non-residents of Canada own skimpy than five per cent of the housing in the Greater Toronto and Greater Vancouver districts, according to data released today by Statistics Canada.
In a joint devise with the Canada Mortgage and Housing Corporation, the data agency weighed into the argumentation over foreign ownership in the housing market with new numbers.
The basis has been in focus this year as policymakers have begun to hold with what sort of impact, if any, non-Canadians residents are having on the shelter market. Some say a flurry of interest from foreigners is driving up values, while others suggest the problem is not widespread and focused on small parts of the market.
The two markets examined in the report have implemented rules to snap down on foreign buyers, with Vancouver and then Toronto implementing their rendition of a foreign buyers tax in the past two years.
For the purposes of the report released Tuesday, Statistics Canada energy include Canadian citizens in what it calls “non-residents.” To the agency, a non-resident is either a Canadian villager who no longer lives in the country (but still owns real estate) or a non-citizen who owns oddity in Canada without living in the country as a primary residence.
The numbers give someone an idea of that whatever impact non-residents are having on the market, it is relatively unpretentious. Non-residents owned 3.4 per cent of all residential properties in the Toronto and 4.8 per cent in Vancouver.
It’s consistent smaller for the much-coveted single detached home, where non-residents own 2.1 per cent of them in Toronto and only just 3.2 per cent in Vancouver.
The number jumps a bit in the downtown areas of both urban districts however. In Vancouver, non-resident ownership makes up 7.6 per cent in the big apple itself. That’s about one out of every 13 homes. In downtown Toronto, the relationship jumps to 4.8 per cent — almost one in 20.
While the inclusive numbers are relatively low, it’s a different story in condominiums, as non-residents own a larger chunk of that furnish. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the representation is slightly lower, but still north of seven per cent.
On average, condominiums owned by non-residents are benefit 30 per cent more than other ones, which lead one to believes that higher-end dwellings are preferred by non-residents.
The average condo owned by a non-resident in downtown Vancouver was significance $930,600. In downtown Toronto, the average was $439,000.
CMHC has been tracking alien ownership for a few years via a survey of owners, but the 2017 figures mark the firstly time Statistics Canada has weighed in on the same topic via a different set of figure ups, culled from tax filings and other property assessment and title figures.
While the two sets of numbers are slightly different CMHC notes that unrelated buyer crackdowns in Toronto and Vancouver have had at least one unexpected striking, in that they appear to be shifting some demand to Montreal.
Non-residents owned 1.1 per cent of condos in the Noble Montreal area last year. This year, that interest jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.
“The scarcity of growth in Toronto and Vancouver, combined with the increases in Montreal, call the possibility of a shift from these centres after the introduction of unconnected buyers taxes in Ontario and British Columbia,” said Bob Dugan, CMHC’s chief economist Bob Dugan.
CMHC looked at non-resident ownership levels in 17 of Canada’s biggest boroughs, and in the vast majority of them, the percentages were below one per cent.