Corporations account for much of the non-individual owners of residential property in Canada, according to a new analysis by StatsCan and CMHC.
“Corporation ownership [is] concentrated among real estate, rental, and leasing industry and construction industry sectors,” the study noted. “In both Ontario and British Columbia, the real estate, rental, and leasing industry sector makes up the largest proportion of corporations owning residential properties at 31.1% and 23.4%, respectively.”
On the other hand, in Nova Scotia, the largest non-individual owner is the construction segment at 28.8%, followed by real estate, rental, and leasing at 25.2%.
“In all three provinces, the combination of construction and real estate, rental, and leasing sectors represented approximately half of corporations that owned residential property,” the study added.
Read more: Red tape is a major influence in Vancouver’s housing scarcity
All in all, B.C. has the largest proportion of non-individual ownership of residential property. Around 9.8% of the territory’s residential properties were owned by non-individuals, and this ratio is even higher in locales outside the census metropolitan areas (15.8%).
The rates in the province’s CMA’s showed considerable variance, with Vancouver’s 5.6%, Victoria’s 5.2%, and Kelowna’s 7.6%.
Meanwhile, Ontario and Nova Scotia’s non-individual ownership rates were at 7.4% and 7.9%, respectively. As for their largest cities, Toronto’s rate was 4.2%, and Halifax was at 9.9%.
“The higher share in Halifax CMA is due to a greater share of holdings of vacant land properties by corporations,” the report noted.
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