Non-residents of Canada own less than five per cent of the container in the Greater Toronto and Greater Vancouver areas, according to data turn loosed today by Statistics Canada.
In a joint project with the Canada Mortgage and Accommodation Corporation, the data agency weighed into the debate over unknown ownership in the housing market with new numbers.
The subject has been in convergence this year as policymakers have begun to grapple with what organize of impact, if any, non-Canadians residents are having on the housing market. Some say a flutter of interest from foreigners is driving up prices, while others urge the problem is not widespread and focused on small segments of the market.
The two markets perused in the report have implemented rules to crack down on foreign purchasers, with Vancouver and then Toronto implementing their version of a unconnected 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 patrial who no longer lives in the country (but still owns real estate) or a non-citizen who owns estate in Canada without living in the country as a primary residence.
The numbers ostentation that whatever impact non-residents are having on the market, it is relatively wee. Non-residents owned 3.4 per cent of all residential properties in the Toronto and 4.8 per cent in Vancouver.
It’s flat smaller for the much-coveted single detached home, where non-residents own 2.1 per cent of them in Toronto and legitimate 3.2 per cent in Vancouver.
The number jumps a bit in the downtown areas of both new zealand urban areas however. In Vancouver, non-resident ownership makes up 7.6 per cent in the burg itself. That’s about one out of every 13 homes. In downtown Toronto, the proportion jumps to 4.8 per cent — almost one in 20.
While the entire numbers are relatively low, it’s a different story in condominiums, as non-residents own a larger chunk of that trade in. Nearly eight per cent of the condos in the Greater Vancouver area are owned by non-residents. In Toronto, the fathom is slightly lower, but still north of seven per cent.
On average, condominiums owned by non-residents are merit 30 per cent more than other ones, which proffers that higher-end dwellings are preferred by non-residents.
The average condo owned by a non-resident in downtown Vancouver was usefulness $930,600. In downtown Toronto, the average was $439,000.
CMHC has been tracking tramontane ownership for a few years via a survey of owners, but the 2017 figures mark the maiden time Statistics Canada has weighed in on the same topic via a different set of issues, culled from tax filings and other property assessment and title matter.
While the two sets of numbers are slightly different CMHC notes that transpacific buyer crackdowns in Toronto and Vancouver have had at least one unexpected crash, in that they appear to be shifting some demand to Montreal.
Non-residents owned 1.1 per cent of condos in the Large Montreal area last year. This year, that proportion jumped to 1.7 per cent — still low, but an increase off more than 54 per cent in a year.
“The want of growth in Toronto and Vancouver, combined with the increases in Montreal, express the possibility of a shift from these centres after the introduction of odd buyers taxes in Ontario and British Columbia,” said Bob Dugan, CMHC’s chief economist Bob Dugan.
CMHC looked at non-resident ownership up ons in 17 of Canada’s biggest cities, and in the vast majority of them, the proportions were below one per cent.