Foreign Ownership in Canada. Are CMHC about to do something about it?

According to a survey from the CMHC on the rental market, some pockets of the country now have as much as 6.9% of condominium apartments foreign-owned. The CMHC has for the first time, asked property managers to provide information on the total number of condominium apartment units owned by people whose permanent residence is outside of Canada. The survey found that Toronto's Core had a foreign ownership rate of 4.3%. Overall, though, the condominium ownership rate in the 11 markets surveyed by CMHC did not go above the 2.4% for Toronto as a whole. Toronto led the 11 markets surveyed by CMHC for foreign investment but Vancouver was not far behind with 2.3% of units held by residents. To read the full article please visit http://business.financialpost.com/2014/12/16/cmhc-tackles-foreign-ownership-in-canadas-housing-market-for-first-time/


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