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.
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’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.
Vancouver Condo Non-Resident Ownership By Period Of Construction
The percent of Vancouver condo apartments with non-resident ownership, by period of condo construction.
Source: Stat Can, Better Dwelling.
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This is because Condos have historically been more affordable than single-family homes, and that trend continues today.
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