Many Canadian homebuyers believe foreign ownership is influencing prices: CMHC

https://www.theglobeandmail.com/business/article-many-canadian-home-buyers-believe-foreign-ownership-is-influencing/

Foreign buyers might make up a small sliver of Canada’s biggest real estate markets, but homebuyers in Toronto, Vancouver and Montreal still seem to believe they are heavily influencing housing activity.

A study from the Canada Mortgage and Housing Corp. released Wednesday found that 68 per cent of Vancouver respondents, 48 per cent of Toronto respondents and 42 per cent of Montreal respondents say they believe foreign buyers are having “a lot of influence” on their markets and are driving up home prices.

The insights shared by 2,159 respondents in the three cities between September and mid-October is in stark contrast with recent data from Statistics Canada showing foreign buyers only own 4.8 per cent of Vancouver properties and 3.4 per cent of homes in Toronto.

“What is striking is the significant gap between perceptions of the public and available data, so much so that the perception of non-resident ownership takes centre stage when discussing the drivers of price growth,” said CMHC’s report.

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