CMHC Review States that Investors Own Less than a Quarter of the Toronto Condo Market
After the 2015 annual review of the housing market by the Canadian Mortgage and Housing Corporation, results indicated that investors owned less that a quarter of Toronto Condos.
According to the CMHC, in it's yearly Canadian Housing Observer Review in which the primal focal point is the national condo market, approximately 23 per cent of Toronto's condo inventory was being rented by investors and owners in 2015.
Toronto's condos seem to have become rental units, not home owner apartments. This seems to have thrown a curve ball to local economists, housing experts and real estate agents who seemed to have thought that investors created 40 per cent of the condo market and had ownship of 90 per cent of downtown units close to local transit services.
The Canadian Housing Observer Review collects their data only from the MLS System. This does not include units rented from free websites such as Craigslist, investor-owned units that are not lived in, nor units rented by word of mouth.
Barry Lyon, a Toronto Development Consultant, feels that the number could be closer to 50 per cent since the data collected from the CMHC is limited to only one source.
In the past few years investors have greatly contributed to record sales in the condo market within the G.T.A. There does not seem to be a sure fire way of monitoring where the buyers and their money are coming from, why they are buying these units and what their intention of the condo will be.
It would seem that the CMHC'S annual review can then only be viewed by the limited data in which they issue this report. There seems to be many other avenues to be researched in order to achieve a more accurate number of investor ownership in the Toronto condo market.