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Foreign Condo Ownership Down in Canada

Figures released Wednesday by Canada Mortgage and Housing Corporation reveal foreign ownership of existing Canadian condominium units in Canada's three biggest cities has declined in 2016 compared with the previous two years.

CMHC also says Canadian condo ownership by foreign residents is highest in Toronto, where 2.3% of units are owned by foreign residents, while Vancouver and Montreal have foreign condo ownership rates of 2.2% and 1.1% respectively.

Levels of foreign condo ownership in all three cities declined from 2015, when foreign residents owned 3.3% of Toronto condos, 3.5% of Vancouver condos, and 1.3% of Montreal condos. Foreign ownership levels in 2014 were very similar to levels in 2015.

CMHC says foreign condo ownership skews towards newer, larger buildings in downtown cores In Toronto, 3.9% of condos built in 2010 or later were owned by foreign residents, who also owned 5% of new condos in Vancouver.

The study measured foreign condo ownership by surveying property managers in major Canadian cities about condo residents. It defined foreign residents as those "whose primary residence is outside of Canada," rather than by nationality.