‘Toronto is heading in the direction of global cities like New York City — Manhattan especially — London, and Shanghai, where they have up to 80 per cent of their condo market taken by investors,’ one expert says.
A whopping 36 per cent of the condos in Toronto are owned by investors, according to a new report published by Statistics Canada via the Canadian Housing Statistics Program.
Investors own about half of the condos built from 2016 through early 2020, said the report, which sheds some light on the long-standing question about the impact of investors in Canada’s largest housing market. In Toronto, the downtown core had the highest concentration of investors and more than 112,000 condos were investor-owned compared to 53,000 houses.
“For many university cities like London, when condos are built they’re advertised as being ideal for students, so investors snatch them up because it’s a great rental opportunity,” he said. Businesses and corporations that own condos fall into two primary categories, said John Pasalis, head of real estate brokerage Realosophy. There are individual investors who have a business and therefore capital in their corporation.
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