Almost one in five condo owners in Vancouver and Toronto are investors
New survey results show that 17.1 percent of condo-owning households in Vancouver and Toronto have at least one condo as an investment.
The Canada Mortgage and Housing Corporation's 2013 Condominium Owners Survey found that over half of condo investors bought their last unit for rental income.
11.9 percent of condo investors bought their last unit with the intention of flipping it for profit within one year.
However, 58.4 percent expected to hold on to their last unit for more than five years.
According to a news release, "42.1% of the Toronto and Vancouver investor households that were surveyed had no mortgage on their last purchased condominium unit".
CMHC surveyed 42,426 households in the two metropolitan areas in August and September 2013. The full report is available from the Crown corporation's website.
Before you start nonsensically cursing foreign investors, this survey doesn't cover that category. It also doesn't include corporate investors, or condo owners who live outside of Vancouver or Toronto.
"While the results are not representative of other markets or all types of investors, the survey helps to shed some light on the profile and purchasing motivations of a segment of condominium investors in Toronto and Vancouver,” Bob Dugan, chief economist at CMHC’s market analysis centre, said in the release.