Greater Toronto and Vancouver real estate was still popular with non-resident buyers, according to ownership data. Statistics Canada (Stat Can) data shows non-resident ownership increased in 2019. For the most part, it scaled higher with new supply. However, a breakdown shows ownership is becoming more concentrated in newer condos. In Vancouver, over 1 in 10 newly completed condo apartments were owned by non-residents.
Over 7% of Toronto’s New Condos Owned By Non-Residents
Greater Toronto is seeing a somewhat flat movement of non-resident ownership. In 2018, there were 45,020 homes with non-resident ownership, about 2.6% of housing stock. In 2019, the number reached 46,620 non-resident owners, still 2.6% of stock. In other words, non-resident ownership scaled with the supply.
Toronto Condo Non-Resident Ownership By Period of ConstructionThe percent of Toronto condo apartments with non-resident ownership, by period of condo construction. Source: Stat Can, Better Dwelling.
Breaking down those numbers, we see most of that is concentrated in new condo apartments. In 2018, non-residents owned 1,300 units made after 2016, representing 7.7% of the units built. By 2019, that number scaled to 2,215 units, up to 7.7% of units made after 2016. The total ratio of supply scaled, but a higher percentage of new condos were non-resident owned.
Over 1 In 10 of Vancouver’s New Condos Were Owned By Non-Residents
Greater Vancouver real estate is even more popular with non-resident owners. The city had 32,585 non-resident owners in 2018, about 4.2% of total housing stock. By 2019, this number made a small increase to 33,715 units, representing 4.3% of housing stock. Non-resident ownership increased at a slightly faster pace than supply.
Vancouver Condo Non-Resident Ownership By Period of ConstructionThe percent of Vancouver condo apartments with non-resident ownership, by period of condo construction. Source: Stat Can, Better Dwelling.
Vancouver’s recently completed condo apartments are once again where most non-resident owners are buying. There were 2,240 apartments built after 2016 that are non-resident owned in 2018, about 12.9% of units. In 2019, that number jumped to 3,580 condos, up 13.6% of all condo apartments built after 2016. That’s over one in ten new units
Overall, non-resident ownership is scaling with supply at the top level. Drilling down though, we see an important shift in the trend. Instead of even growth amongst the total supply, it’s concentrating in newer, more “affordable” segments like condo apartments.
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That’s why the BOC needed to rush in to prop up prices. Make sure non-residents don’t have to force a use for them.
This is why new condos are being marketed overseas with “guaranteed rent.”
Well, anybody who bought an investment condo in 2019 is in for a fun ride… Let’s hope this will keep them away for years to come.
Turning Canadian homeownership into a gambling casino for foreigners with the support of the “house”; the central bank and government. As Forest Gump said, “stupid is as stupid does”. In this case, the residents of Canada will pay the price not the short term thinking bankers and politicians. Short term gain for long term pain, will be felt for years thanks to the BOC appointed bankers by the Liberal minority government. They care more about power than people.
This is what our Canadian (?) Prime Minister said last year about money laundering in BC:
“But we do recognize that there is a factor around money laundering and real estate tax evasion that is becoming a significant challenge. We also have to be very mindful that there are always dangers of unintended consequences, so any steps we take need to be done very carefully.” – PM of Canada
Apparently the unintended consequences that concern him are that foreign speculators might lose money. For this reason, money laundering and tax evasion have been made quasi-legal in Canada. The middle class will pick up the tab.
It’d be refreshing to see Canada put Canadians and Canadian interests first. How about implementing regulations such as you’ve filed taxes in Canada and / or are a citizen / permanent resident as a requirement to purchase real estate here?
Stop selling out Canada to foreigners and foreign interest.
First & foremost, define Non Resident!
As I see it, Non Resident is NOT Foreign Buyer. It simply means buyer not living in Vancouver. It could simply be buyers from Toronto or anywhere else in Canada buying their retirement home. AND the number is only 1 out of 10 which seems totally reasonable. It basically means that 90% of the buyers are Vancouver residents! This is news twisted to appeal to a fan base.
The definition of non-resident is someone that is not a resident of Canada, genius. There’s a checkbox on your taxes for it.
Might it also mean “not living in the condo”? So, people who invest in condos for long- or short-term rentals?
Liberals lied to us, they said they will tax foreign ownership. We need to change this bs corruption.
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