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Data from (CMHC), a Canadian mortgage and housing company, show that 2020 is a mixed year. The overall rate of non-resident apartment ownership in Toronto has declined, while that in Vancouver has increased. However, non-resident ownership of new supplies in both cities is still rising.
The total number of apartments held by non-resident owners in Toronto fell last year. In 2020, non-residents owned 3.1% of the city’s apartments, down from 3.3% the previous year. In terms of apartments, non-residents own 9686 units, down 2.4 per cent from a year earlier. It seems that older supplies are being sold faster than purchases.
Foreign buyers own a large number of newer apartment buildings. In 2020, non-residents owned 5.4 per cent of the city’s apartments built after 2010, down from 5.7 per cent in 2019. In absolute terms, 6903 apartments were built after 2010, an increase of 2.51 per cent from a month ago. Interest rates have fallen, but the number of units actually owned by non-resident investors has increased. One in 20 apartments built after 2010 is owned by non-residents.
The city of Vancouver has actually seen an increase in non-resident ownership. In 2020, the ratio rose to 1.9% from 1.5% the previous year. In terms of absolute units, non-residents owned 1850 apartments last year, up 31.4% from a year earlier. For every 10 apartments added to the market last year, there was an increase in non-resident-owned apartments.
The percentage of apartments owned by non-residents in Vancouver. Displays the year of construction and the overall rate. Plots without data have been suppressed by CMHC to protect confidentiality, or they consider the data to be statistically unreliable.
Non-residents also show a preference for apartment buildings after 2010. In 2020, non-residents owned 2.4 per cent of post-2010 apartments, up from 1.0 per cent a year earlier. In terms of units, this is equivalent to 584 apartments, an increase of 177.6% over the same period last year. Surprisingly, units built from 1990 to 2000 had higher rates of ownership.
Toronto and Vancouver disagree on the growth of investment in non-resident apartments. On the one hand, the overall rate of non-resident ownership in Toronto has declined. As for Vancouver, it is climbing again, but there is still a long way to go to reach the 2018 figure. In other words, the recently updated apartment development is attracting more non-resident investment.
