Foreign real estate sales have generated a lot of concern in Canada’s housing market recently.
However, a Toronto condo research firm has released numbers that suggest local purchases outnumber non-resident purchases in the GTA.
Urbanation’s recent study says that foreign buyers actually only make up 5% of total sales, while domestic investors represented 52% of sales.
The survey, which was completed by developers or brokerages representing new condominium apartment projects, says shares of units sold to foreign purchasers ranged between 1% and 25% while shares of sales to domestic investors ranged between 5% and 90%.
“The results of this very important survey show a rather limited role of foreign buyers in the GTA new condo market and a very significant overall share of investors,” said Shaun Hildebrand, Urbanation’s senior vice-president. “These estimates coincide with the percentages of new condos entering the rental market upon completion, indicating the important role investors play in the GTA housing market.”
Foreign Buyers Represent 5% of New Condo Sales in GTA – Results of our Q3 buyer survey https://t.co/K88pbfPBqr
— Urbanation (@Urbanation) October 27, 2016