In Toronto, condos make up 59 per cent of all multiple-owned homes. Only about 17 per cent of condo unit owners also own a home in the GTA
Since 2017 so-called multiple-property owners have been the largest group of buyers of Ontario real estate, but a new report analyzing the holdings of this cohort suggests they may become far less active as interest rates continue to rise.
“COVID made investing in real estate sexy, where before it was a dormant asset class,” said Jack Bernstone, a BRRR investor who amassed a portfolio of more than two dozen rental properties in Ontario by his late 20s. “On Tiktok and Instagram people were showing their journey and for the first-time for that Millennial group rates went low enough for people to get their foot in the door. … It kinda became cool to do.” Mr.
Teranet says that since 2011 about 30 per cent of multiple property owners refinanced a property they purchased within a year: sometimes to buy another, sometimes for other reasons. But refinancing as a share of the market has risen steadily since 2019, and is being led by those with more than five properties who refinance about 34 per cent of the time, more than twice as often as those who own just two properties .
“There’s a good chunk of investors that might get wiped out on this. … There’s losers already happening, I’ve seen it personally, people in my network are folding businesses,” he said.
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