Among all detached homes, not just new ones, those owned by non-residents were larger than residents’ houses by 13.1% in Vancouver and 2.2% in Toronto. The new data reinforces anecdotal evidence that foreign buyers tend to focus on the most affluent neighborhoods, said Jane Londerville, a real estate professor at the University of Guelph in Southern Ontario. Foreign capital also targets new condos, with new Vancouver units owned by non-residents valued at 19.7% more than those owned by residents. “There’s been a huge spike in foreign ownership in newer buildings,” said Diana Petramala, senior researcher at Ryerson University’s urban policy centre in Toronto. “Those buyers can park the money, whether they intend to flip it before it is finished or take possession and rent it.”A 15% foreign buyers tax was imposed in Vancouver in 2016 and Toronto in 2017 amid a backlash against foreign buyers, particularly from China.

Source: The Guardian December 23, 2017 01:30 UTC