Quote:
Originally Posted by Flamenspiel
This is CMHC only, I would think that most condos purchases from overseas owners would not be using CMHC financing. I am surprised the article did not indicate that.
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The report was done by CMHC, but was not a survey of CHMC insured properties.
It was a survey of rental managed properties, which would mostly not be CMHC insured.
By no means a perfect study, but better than just anecdotal complaining we usually get and a start to actually putting data behind this debate.
One thing the study left out which would push the numbers higher (in Van + TO) was empty properties not being rented out.
Although I still argue the impact of "foreign" buyers is greatly exaggerated, wealthy buyers in general often leave their investment properties vacant as they don't need the rental income or headache.