Median value of foreign-owned condominiums from Vancouver to Toronto eclipses those by residents
Condominium units in British Columbia, Ontario and Nova Scotia are proving most popular with non-residents and fetching higher prices than those owned by residents, according to a report issued yesterday by the Canadian Housing Statistics Program (CHSP).
Non-residents, defined as those whose primary dwelling is not located within Canada, owned 11.2 percent of condominiums in Metro Vancouver and 7.6 percent of those in Metro Toronto in 2018, data from the report showed, citing property assessment rolls for the three Canadian provinces.
Overall, the share of foreign-owned condos in British Columbia stood at 10.4 percent and 6.1 percent in Ontario last year. The figure rises to 19.2 percent for non-resident-owned condominiums constructed between 2016 and 2017 in Vancouver.
“Condominium apartments had the highest prevalence of non-resident ownership, particularly in Vancouver and Toronto,” commented Aled ab Iorwerth, deputy chief economist for CHSP.
“In general, non-resident ownership is more frequent in newer and higher value residential properties. The CHSP data allows us to better understand the role of non-residents as a component of demand in Canadian housing markets, a topic that is of public interest in terms of the source of funds and the investment behaviour associated with such properties,” said Aled.
Thai architects go global with non-formulaic design approach
The innovators behind Department of Architecture Co. prioritise the spirit of exploration over the need to develop a signature style
Delectable moments to remember from the 14th annual PropertyGuru Thailand Property Awards
All the things you missed at the kingdom’s biggest night for real estate
14th Annual PropertyGuru Thailand Property Awards 2019 presentation a landmark year for the industry
64 categories announced at the kingdom’s longest-running real estate awards programme
Thailand’s secondary property markets don’t play second fiddle
Chiang Mai and other secondary destinations in the kingdom are beginning to steal some of the limelight from Bangkok