A combination of the pandemic’s low interest rates and marketing promoting real estate investing have encouraged Canadians and investors to buy multiple properties
Investors have become more prevalent in Canada’s housing market, accounting for 30 per cent of all residential real estate purchases in the first part of this year, according to new data.
Meanwhile, the percentage of first-time homebuyers shrunk to 43 per cent in the first quarter of this year from 48 per cent in the same three months in 2020. Similarly, repeat buyers fell to 27.5 per cent from 30 per cent over the same period. “During housing booms, greater demand from investors can add to bidding pressures and intensify price increases,” said the note. “Similarly, when prices are stable or declining, a lower influx of investors can add downward pressure on housing demand and prices.”
There was a slight uptick in highly indebted borrowers, or those with a mortgage that is 4.5 times greater than their annual income. And the share of new mortgage borrowers who spent more than 25 per cent of their gross income on mortgage payments was 29 per cent in the second quarter. That level is similar to the previous few quarters, but higher than 2022′s second quarter at 19 per cent.
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