Concerns about foreign investors snapping up real estate have raised heart rates in Canada's largest market, but a new report suggests
domestic investors outnumber foreign buyers in the Greater Toronto Area's new condo market 10-to-one.
Toronto condo research firm Urbanation says foreign buyers, whose primary residences are outside this country, made up only 5% of the sales of new units in condo buildings that were under development between July and September.
Meanwhile, the firm says domestic investors - those whose primary residences are IN Canada but who don't plan on living in the unit - made up 52% of the sales. The remaining 43% of new condos sold in the Toronto area went to locals who plan to live in the properties.
The survey was based on responses from developers and brokerages representing a quarter of all new condo apartment units sales. Only projects that were in development - meaning either in pre-construction, construction or recently completed - were included in the data.
It's the first time that the research firm has looked into the presence of non-resident buyers in Toronto's new condo market. Data on the presence of foreign investment in Canada's real estate markets is scant, making it hard to quantify the issue.
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