Condo ownership by foreign buyers most prominent in newer buildings: CMHC

Foreign ownership of condominiumstends to be higher in buildings built since 2010 in the cities of Toronto and Vancouver, the Canada Mortgage and Housing Corporation says in a report released Thursday.

CMHC said the rateof foreign ownership in the Toronto census metropolitan area isless than two per centfor buildings completed before 1990, rising toseven per centfor newer structures completed since 2010.

Foreign ownership of condosgoes up to about 10 per cent in the core of the city, although CMHCurged caution in the reliability of that estimate.

In Vancouver CMA, foreign buyers' share rises from less than two per centfor properties builtprior to 1990 to about six per centfor those completed since 2010.

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The national housing agency said there is currently noexisting tool that can give a definitive measure of the level of foreign investment in Canada's housing markets.

Bob Dugan, chief economist at CMHC, said researching foreign ownership of homes in Canada remainsa top priority for the organization.

Foreign ownership has been a topic of interest in Toronto and Vancouver, two of the country's hottest housing markets, amid discussion thatan influx of buyers from outside Canada is contributing to the rise inhome prices in the two cities.