Sunday 30 October 2016

Local investors outnumber foreign buyers 10-1 in Toronto's condo market

Local investors outnumber foreign buyers 10-1 in Toronto's condo market 

Study shows foreign buyers make up only 5 per cent of the sales of new condo units The Canadian Press Posted: Oct 28, 2016 9:57 AM ET

Concerns about foreign investors snapping up real estate have dominated headlines recently, but a new report suggests
domestic investors outnumber foreign buyers in the Greater Toronto Area's new condo market ten-to-one.
Toronto condo research firm Urbanation says foreign buyers, whose primary residence is outside of Canada, made up only five per cent of the sales of new units in condo buildings that were under development between July and September.
Meanwhile, domestic investors - those whose primary residence is in Canada but who don't plan on living in the unit - made up 52 percent of the sales. The remaining 43 per cent of new condos sold in the Toronto area went to locals who plan to live in the properties, according to the firm.
"The results of this very important survey show a rather limited role of foreign buyers in the GTA new condo market and a very significant overall share of (domestic) investors," Shaun Hildebrand, Urbanation's senior vice-president, said in a news release.
A report from Canada Mortgage and Housing Corp. published earlier this year found only 3.3 per cent of Toronto condos are owned by foreigners

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