CMHC says 83 per cent are owners, 17 per cent are investors - Richard Dettman (NEWS1130)
The picture of who owns condominiums in Canada’s two largest housing markets is somewhat clearer today after a report from a federal agency, but remains partly cloudy.
Canada Mortgage and Housing Corp. says 83 per cent of condo owners in Vancouver and Toronto live in them, while the remaining 17 per cent are held by investors. But the survey by CMHC does not include foreign or corporate investors, or even those who live in Canada but not in those two metro areas.
Chief economist Bob Duggan says CMHC is trying to find ways to get that information too.
CMHC found that about half of condo investors rent them out, while one third use them to house family members and 12 per cent plan to sell them at a profit within a year.
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