CMHC To Look At Foreign Ownership of Canadian Real Estate

September 24, 2015

Data indicating how much of Canada’s real estate is being snatched up by foreign buyers is limited, but the country’s national housing agency is working to change that.

Canada Mortgage and Housing Corp., says it will be hosting “bi-lateral meetings” and roundtables with industry stakeholders to fill a number of data gaps, including the share of new and existing homes owned by foreigners.

“Although this work is at an early stage, CMHC will keep you informed regarding progress.”

Other gaps that CMHC intends to address include the total volume of mortgages issued and outstanding and mortgage data broken out by lender type, characteristics of borrowers, property type and geographic location.

In another briefing note, the agency said it is keeping a close eye on the rise of unregulated mortgage lenders such as mortgage finance corporations, mortgage investment corporations and individuals.

Reference: The Toronto Star

http://www.thestar.com/…/cmhc-to-look-at-foreign-ownership-…