They all have been shouldering blames for Toronto’s and Vancouver’s escalating the housing prices, but the foreign buyers own less number of Canadian real estate than the originally thought.
They own the more expensive abodes. CMHC and Stats Canada recently released number of the tracking non-resident ownership which is dating back to year 2014.
Starting with Vancouver Area, around 4.8% of the residential properties are being owned by the non-residents, this number raised in Vancouver, where non-residents have 7.6% of the residential properties. A Real Estate Retirement Plan is available which is an Investment and Lifestyle Solution for Canadians.
This number jumped higher in Vancouver Area for proper condo apartments, around 10.6% are the non-resident owners.
Single detached homes are being owned by non-residents in Vancouver Area which is more than $2.25mln and residential single detached homes are on an average of $1.6mln. Non-residents own around 3.2% of single detached homes in Vancouver Area.
In Toronto Area, around 3.4% of residential properties are being owned by non-residents, but this increase in number to around 4.9% in City of Toronto. Condos in Toronto region are around 7.2% as owned by non-residents, but in Toronto 8% are being owned by non-residents.
According to a joint survey, non-resident buyers set sights on Montreal after 15% of foreign buyer tax was introduced in British Columbia and Ontario. An Essential Canadian Guide to Invest in Residential Property is also available which is very helpful in Making Money in Real Estate.
Bon Dugan said that stability and share of non-residents owned condos in Vancouver and Toronto, it is combined with increase in Montreal after introduction of foreign buyer tax in British Columbia and Ontario, this indicate a shift in demand by some of the non-resident buyers.
Nun’s Island, it is situated off to the Montreal Island, it is well known for its lofty homes and also has witnessed a boost in the non-residential ownership that compared around 4.3% of the home owners in year 201 and 7.6% in this year. Montreal had around 0.9% of the non-resident owners during last year, and 1.5% during this year.