CMHC report shows only two percent of condos in Canada are owned by foreigners

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      Foreigners are a tiny minority among condo owners in Canada.

      According to results of the 2016 survey by the Canada Mortgage and Housing Corporation, the highest foreign ownership rate is 2.3 percent, and that is in the Toronto metropolitan area.

      The Vancouver area comes in second with 2.2 percent.

      In Montreal and Calgary, foreign ownership is at 1.1 percent, and 0.9 percent, respectively.

      CMHC defines a foreign owner as someone whose principal residence is outside Canada. It includes Canadian nationals living abroad.

      In 2014, the federal housing agency started using apartment survey in major metropolitan areas to determine the residency status of owners.

      This year’s survey results are about the same as those in 2014.

      “Our studies show that the share of foreign ownership remains low and concentrated in newer, larger buildings located in the cores of major cities like Vancouver, Toronto and Montreal,” CMHC analysts Andrew L. Scott and Francis Cortellino wrote in the report.