Forma Condo Downtown.Canadian residents believe that overseas buyers seriously affect house prices. Although overseas buyers account for only a small portion of the Canadian real estate market, most buyers in Toronto, Vancouver and Montreal still believe that overseas buyers have a serious impact on local prices.Please Visit: Forma Condo Downtown to Get Your VVIP Registration Today!
The Canadian Mortgage and Housing Corporation (Canada Mortgage and Housing Corp., or CMHC) released a set of data: 68 per cent of Vancouver residents, 48 per cent of Toronto residents and 42 per cent of Montreal residents said higher prices by overseas buyers had a serious impact on the housing market.
The results of the survey are significantly compared with the data of overseas owners released by Statistics Canada. According to statistics, only 4.8% of properties in Vancouver are owned by overseas owners and 3.4% in Toronto.
The public’s perception of overseas buyers’ share of property is a far cry from the actual share, which is crucial to discussing rising house prices, CMHC said in the report.
Crown Corporation, a federal state-owned company, says that in Vancouver, overseas investors have more influence on the market than supply constraints and demand, but in Toronto, the influence of overseas investors is in line with the market relationship.
