Investors own less than a quarter of Toronto condominiums: CMHC
Pigeon Condo
Annual housing report takes revealing look at Canada’s exploding condo sector
Investors are a “strong presence” in both Toronto’s and Vancouver’s condominium markets, but exactly how strong still remains unclear, even in the wake of a new report by the Canada Mortgage and Housing Corporation.
About 23 per cent of Toronto’s condo stock was being rented out by investor-owners in 2012, the federal housing agency says in its annual Canadian Housing Observer review, released Wednesday, which places a special focus on the national condo market this year, revealing some interesting details.
But the review only looks at condos rented via the MLS system and doesn’t include investor-owned units just sitting empty or rented via free websites like Craigslist or word-of-mouth.
“We think the number is closer to 50 per cent,” says veteran Toronto development consultant Barry Lyon. “The data they (CMHC) are using has some shortcomings. It’s only part of the story.”
Mathieu Labarge, CMHC’s deputy chief economist, acknowledged that “to complete the picture there’s a need for data,” and it simply doesn’t exist.
Nobody seems to know exactly where buyers, or their money, is coming from, why they are buying and how they intend to use the condo.
“What we have in terms of hard facts is what we released. We have round tables with the (condo development) industry on a regular basis and what we get is that investment activity remains limited.”
Local housing experts, economists and realtors also lack hard numbers, but anecdotal evidence suggests at least 40 per cent of Toronto’s condo market is investor owned and that the number is even higher — as much as 90 per cent — in some downtown skyscrapers close to transit lines.
Read More @ http://www.thestar.com/
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