{"id":36636,"date":"2016-11-30T16:24:10","date_gmt":"2016-11-30T21:24:10","guid":{"rendered":"http:\/\/www.northeastmortgages.ca\/?p=36636"},"modified":"2021-02-06T02:09:25","modified_gmt":"2021-02-06T01:09:25","slug":"cmhc-report-foreign-ownership-remains-low","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/cmhc-report-foreign-ownership-remains-low\/","title":{"rendered":"CMHC Report Foreign Ownership Remains Low"},"content":{"rendered":"

CMHC Report: A new report was published today confirming\u00a0that foreign ownership in Canada remains low. This confirms what we have been talking about over the last couple of months and shows the federal government holding a smoking gun pointed directly at the Canadian Real Estate Market and the heads of first time homeowners. It is my opinion that the new measures that were brought into effect last month are systematically\u00a0trying to destroy the Canadian Real Estate Market and line the pockets of big banks by preventing Canadian homeowners from refinancing toxic debt.<\/p>\n

When the\u00a0new measures were brought into place they were supposed to discourage foreign investors from buying properties in Canada. This would reduce home prices. This is the lie we were fed by the Federal Government and CMHC however if you listened to the interviews I did on various news networks and on my blog posts, I clearly said that foreign investors do not get mortgages, this means that the new rules will have ZERO impact on foreigners but will hit Canadian homeowners square in the jaw. This new CMHC report proves that foreign investors were not the target for the new changes made but rather hard-working Canadians<\/p>\n

For those that have not read my blog\u00a0post that talks about the effects of the recent mortgage changes and how they will do nothing to slow down foreign investors click here<\/span><\/em><\/strong><\/a><\/p>\n

The National report concluded that foreign ownership of condominiums is highest in Vancouver and Toronto at 2.2% and 2.3% respectively. The report also mentioned Montreal with foreign ownership hovering around 1.1%. Outside of these markets, foreign ownership drops to 0.2% to a high of 1.2% in Halifax.<\/p>\n

The CMHC report also mentions that 40% of foreign buyers who purchased a unit in 2015 did so without the securing a mortgage. That means they bought the properties cash.<\/p>\n

Bob Dugan, Chief Economist, CMHC is quoted saying, “Foreign ownership is just one factor influencing Canada\u2019s housing markets \u2013 but it\u2019s an important one that continues to gain attention. Our studies show that the share of foreign ownership remains low and concentrated in newer, larger buildings located in the cores of major cities like Vancouver, Toronto, and Montreal. We continue to work with our partners in finding new ways to bring this important story into sharper focus.”<\/p>\n

National Report Highlights<\/p>\n