Speculators Make Up 30% Of Homeowners In Some Provinces: StatsCan

Speculators and professional real estate investors make up 30% of homeowners in some Canadian provinces, according to new data from Statistics Canada.

The federal agency found that investors made up 31.5% of all homeowners in Nova Scotia and 29% in neighbouring New Brunswick.

Speculators in British Columbia came in at 23% followed by 20% in Manitoba and 20% in Ontario.

Statistics Canada said these real estate investors view the homes they purchase as an investment property. And the houses used as an investment are mainly owned by individuals who live within the same province as the property.

However, condominium apartments were used as an investment more often than houses, with Ontario seeing the highest rate of condo apartments used as investments at 42%, according to Statistics Canada.

Speculators and real estate investors have been criticized for driving up house prices to unaffordable levels in many areas of Canada and been targeted by provincial governments in recent years as they prioritize housing affordability.