The numbers are highest in Vancouver and Toronto.
More homes in Canada are being bought by non-citizens, according to a new report.
According to BNN, “The share of Canadian mortgages held by foreigners has risen in the last two years, particularly in Vancouver and Toronto, and young home buyers among them appear to be getting financial help from their parents, the federal housing agency said on Tuesday. Nearly 10 per cent of mortgages issued in Canada’s two hottest housing markets in 2016 went to non-permanent residents under the age of 25, the Canada Mortgage and Housing Agency (CMHC) said “signifying some younger NPR (non-permanent residents) may be receiving parental support to purchase homes.”‘
In Vancouver, the number of mortgages held by foreigners went from 3.4% to 3.9%.
In Toronto, the number went from 2.1% from 2.7%.
Notably, the report shows that non-citizens bought more expensive residences, “with the average single detached home purchased by a non-permanent resident valued at $1.09 million in Toronto and $1.65 million in Vancouver.”
For comparison, “That was above the average $902,000 and $1.42 million bought by permanent residents in those cities, respectively, the report showed.”
Though the government is scared to admit it – for foolish politically correct reasons – Canadians know directly that the surge in foreign homebuyers has pushed many Canadian citizens out of the housing market of our own cities.
It’s a sign of deep political corruption when politicians and elites allow wealthy non-citizens to push Canadians out and severely distort the market.
That’s why Canada needs to look at what New Zealand is doing – a full ban on foreign homebuyers.
We need to get tough and protect affordable home ownership for Canadians.