Foreign ownership on the rise in Montreal: Report
Montreal’s non-resident real estate ownership is on the rise, according to the latest report from the Canada Mortgage and Housing Corporation (CMHC).
CMHC data indicates that Montreal saw an increase in the share of non-resident ownership of condominium apartments, rising from 1.1% in 2016 to 1.7% in 2017.
Downtown Montreal and Nun’s Island saw the biggest increase of non-resident owners as purchases grew from 4.3% in 2016 to 7.6% in 2017.
According to Bob Dugan, CMHC’s chief economist, the rise of foreign buyers in Montreal could be a result of foreign buyers’ taxes in Ontario and BC.
“The lack of growth in Toronto and Vancouver, combined with the increases in Montréal, indicate the possibility of a shift from these centres after the introduction of foreign buyers’ taxes in Ontario and British Columbia,” said Dugan in a statement.
“Other factors attracting demand to Montréal include lower housing prices and a relatively strong economy. It should be noted that foreign ownership is just one of the factors influencing Canada’s housing markets”
| Centre | Sub-area | Share Owned by Non-Residents (%) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | 2016 | 2017 | ||||||
| Calgary | CMA | 0.2 | a | 1.1 | a | 0.9 | a | 0.9 | a |
| Edmonton | CMA | 0.1 | a | 0.5 | a | 0.3 | a | 0.3 | a |
| Halifax | CMA | — | — | 1.2 | a | 1.2 | a | ||
| Hamilton | CMA | — | ** | 0.5 | a | 0.3 | a | ||
| Kelowna | CMA | — | 0.2 | a | 0.3 | a | 0.6 | a | |
| Kitchener | CMA | — | 0.2 | a | 0.4 | a | 0.7 | a | |
| London | CMA | — | 2.2 | c | 0.8 | a | 0.4 | a | |
| Montréal | Downtown and Nun’s Island | 6.9 | c | 4.9 | c | 4.3 | c | 7.6 | c |
| Péricentre | 1.2 | a | 1.4 | a | 1.5 | b | 1.8 | a | |
| West of Island of Montréal | 1.3 | a | 0.9 | a | 0.9 | a | 1.5 | b | |
| East of Island of Montréal | 0.8 | a | 0.4 | a | 0.4 | a | 0.6 | a | |
| Montréal Island | 2.3 | a | 1.7 | a | 1.7 | a | 2.7 | a | |
| Remainder of CMA | 0.4 | a | 0.7 | a | 0.4 | a | 0.4 | a | |
| Montréal CMA | 1.5 | a | 1.3 | a | 1.1 | a | 1.7 | a | |
| Gatineau | CMA | – | 0.3 | a | 0.6 | a | 1.1 | a | |
| Ottawa | CMA | 0.7 | a | 1.0 | a | 0.6 | a | 0.7 | a |
| Quebec | CMA | 0.6 | a | 0.6 | a | 0.5 | a | 0.5 | a |
| Regina | CMA | 0.1 | a | 0.0 | a | 0.2 | a | 0.0 | b |
| Saskatoon | CMA | 0.3 | a | 0.5 | a | 0.2 | a | 0.4 | a |
| Toronto | Centre | 4.3 | c | 5.8 | b | 3.5 | b | 3.8 | b |
| West | 1.1 | a | 1.5 | a | 1.5 | b | 1.8 | b | |
| East | 1.2 | a | 1.1 | a | 1.3 | a | 1.2 | a | |
| North | 1.5 | a | 2.6 | c | 2.0 | a | 2.9 | b | |
| Toronto City | 2.7 | a | 3.8 | b | 2.6 | a | 3.0 | a | |
| Remainder of GTA | 1.1 | a | 1.6 | a | 1.4 | a | 1.1 | a | |
| Toronto GTA | 2.3 | a | 3.2 | b | 2.3 | a | 2.5 | a | |
| Toronto CMA | 2.4 | a | 3.3 | b | 2.3 | a | 2.5 | a | |
| Vancouver | Burrard Peninsula | 5.8 | d | ** | 5.0 | d | 5.5 | d | |
| Vancouver Westside | 1.5 | b | ** | 2.0 | c | 1.8 | c | ||
| Vancouver Eastside | 0.8 | a | 1.0 | a | 0.5 | a | 0.5 | a | |
| Vancouver City | 3.4 | d | 5.4 | d | 3.0 | b | 3.2 | c | |
| Suburban Vancouver | 2.3 | c | 3.4 | d | 2.3 | c | 2.0 | c | |
| Remainder of CMA | 0.6 | a | 0.9 | a | 1.0 | a | 1.2 | a | |
| Vancouver CMA | 2.3 | b | 3.5 | c | 2.2 | b | 2.2 | b | |
| Victoria | CMA | 1.1 | a | 1.0 | a | 0.9 | a | 1.1 | a |
| Winnipeg | CMA | 0.1 | b | 2.7 | c | 0.3 | a | 0.5 | b |
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