More than 40 per cent of condos in Ontario are investment properties, says report by the Canadian Housing Statistics Program
More than 40 per cent of condos in Ontario are investment properties, with investor ownership in excess of 80 per cent in smaller metropolitan areas such as London, Sarnia and Woodstock.
CHSP’s report shows that investment properties make up 36.2 per cent of condos in B.C.; 36.6 per cent in Nova Scotia; 29.2 per cent in Manitoba and 22.6 per cent in New Brunswick. “When properties are owned by investors, they can contribute to the rental housing supply and therefore meet the population’s need for rental housing,” wrote the authors, Statscan senior analysts Joanie Fontaine and Joshua Gordon. “But that can also limit the number of properties available to buyers who intend to use it as a primary place of residence.”
“Most of the investment properties were owned by an individual who lived in the province,” said Ms. Fontaine. The CHSP report found that in early 2020, more than one in five property owners was an investor. That complements Bank of Canada research that found that investor-buying doubled over the first year of the pandemic’s real estate boom and accounted for one-fifth of all residential purchases by mid-2021.
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