Foreign Buyers Fact or Fiction? CMHC Study
Recently much discussion has focused on foreign buyers causing massive increases in housing prices across the country. Canada’s agency in charge of studying such issues, CHMC, recently published a report indicating that on average 55% of Canadians believe foreigners are causing housing price increases. Factually, foreign home ownership in Vancouver is only 4.8%, and in Toronto 3.4% per the latest study. The study further noted that Vancouver residents perceived foreigners were more to blame then supply and demand for rising housing costs. Public perception seems to be missing the mark on this front, and instead of demanding more supply for our growing population, they point the blame at foreigners when no data backs up the claim. We need to ask our politicians at all levels to ensure new housing starts equal our population growth, to ensure the housing market is in equilibrium.
The full report can be found on the CHMC website,