CMHC’s latest Housing Market Insight report provided perhaps the most accurate snapshot to date of foreign investment. And while the numbers may seem low to some, they do reveal foreign investment is a growing trend.
The report, which was based off a fall 2015 survey , found that total foreign investment is growing across the board in both Toronto and Vancouver.
Toronto CMA saw foreign investment grow from 2.4% in 2014 to 3.8%; it grew from 2.7% to 3.8% in Toronto City; and it grew from 4.3% to 5.8% in Toronto Centre.
There was even greater growth for buildings built during or after 2010. Those buildings saw a jump to 7.4% from 5.5% in Toronto CMA; 8.7% from 6.6% in Toronto City; and 10.1% from 8.9% in Toronto Centre.
The trend was paralleled in Vancouver, with Vancouver CMA growing from 2.3% to 3.5%. The percentage of foreign owned units built during or after 2010 was 6% in 2015 (CMHC did not provide numbers for 2014.
“This report represents another piece in the puzzle of foreign investment in Canada,” CMHC Chief Economist Bob Dugan said of the report. “It remains a top priority for CMHC to continue to get more information on foreign investment in Canada’s Housing market.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Hafford, Simms Settlement, Riondel, Melvern Square, East LaHave
Foreign investment numbers may be lower than many expected, but the influence is growing.