Housing survey finds 17.1 percent of Vancouver and Toronto condo owners invest in other units
A new Canada Mortgage and Housing Corporation survey attempts to offer more insights into how many condos in Vancouver and Toronto are occupied by owners.
The survey of 42,256 households found that among those who own a condo, 82.9 percent live in their unit. The remaining 17.1 percent are also investors in condos other than the unit they occupy.
Half of the investors rent out the last unit they bought; a third have a family member occupy the condo.
According to the survey, 58.4 percent said they plan on keeping the last unit they bought for more than five years. Another 17.9 percent said they will retain ownership of the investment condo for two to five years.
Only 7.6 percent reported that they plan on flipping the property in less than two years, whereas 16.1 percent responded that they did not know or they didn't answer the question.
The survey did not include foreign investors, corporate investors, or people who own condos in Toronto or Vancouver but do not live in these metropolitan areas.