Ontario and B.C. have their rules in place to try and diminish the interest of foreign in buying up properties as investments to cool prices.
OTTAWA— the buyers of foreign origin make up a little portion of the overall market of housing in this country. According to the new research, but what they have is more newer and expensive housing than the average Canadian homeowner.
And there are clear indications present that foreign buyers are rolling out of the traditional bases of Vancouver and Toronto and into new cities.
According to the data coming from new housing statistics by Canada Mortgage and Housing Corp. and Statistics Canada (CMHCSC) in Toronto the Nonresidents people owned 3.4 percent of all residential properties and in Vancouver, 4.8 percent of residential properties.
In Toronto, the average separate homes owned by a non-resident valued $944,100 in compare to $840,600 for residents. There is a difference of 12.3 percent or $103,500.
Now, the foreign owners are moving into the big-city condo market and the interesting thing here is, they again, own more expensive than what the residents of that place own. According to statistics, around and in Toronto, the average value of a condo which is owned by a non-resident was $420,500.