Condo: Do Investors own 40% or 90% ?

Investors own less than a quarter of Toronto condominiums: CMHC

Pigeon Condo

Annual housing report takes revealing look at Canada’s exploding condo sector

Investors are a “strong presence” in both Toronto’s and Vancouver’s condominium markets, but exactly how strong still remains unclear, even in the wake of a new report by the Canada Mortgage and Housing Corporation.

About 23 per cent of Toronto’s condo stock was being rented out by investor-owners in 2012, the federal housing agency says in its annual Canadian Housing Observer review, released Wednesday, which places a special focus on the national condo market this year, revealing some interesting details.

But the review only looks at condos rented via the MLS system and doesn’t include investor-owned units just sitting empty or rented via free websites like Craigslist or word-of-mouth.

“We think the number is closer to 50 per cent,” says veteran Toronto development consultant Barry Lyon. “The data they (CMHC) are using has some shortcomings. It’s only part of the story.”

Mathieu Labarge, CMHC’s deputy chief economist, acknowledged that “to complete the picture there’s a need for data,” and it simply doesn’t exist.

Nobody seems to know exactly where buyers, or their money, is coming from, why they are buying and how they intend to use the condo.

“What we have in terms of hard facts is what we released. We have round tables with the (condo development) industry on a regular basis and what we get is that investment activity remains limited.”

Local housing experts, economists and realtors also lack hard numbers, but anecdotal evidence suggests at least 40 per cent of Toronto’s condo market is investor owned and that the number is even higher — as much as 90 per cent — in some downtown skyscrapers close to transit lines.

 Listings for Sun Jan 12

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C2766692 – M2R – 168 CAINES AVE Toronto, Ontario – $ 1,748,000

Price Change. Oct 20: $ 1,648,000 Jan 12: $ 1,748,000
*New Custom Built Home* Apprx.4200Sf (Excld Bsmt Area). Very Spacious For Large Family! Quiet Area In A Very Convenient Location. Modern Kitchen …

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C2809158 – M6C – 10 PARK HILL RD Toronto, Ontario – $ 889,000

Prime Forest Hill Location! Special Opportunity For Couple Looking For Quiet Neighbourhood, With Easy Access To Downtown! Near Best Private And Public …

C2809158 GoogleMap

C2809254 – M5N – 1040 AVENUE RD Toronto, Ontario – $ 1,195,000

New Freehold Executive Townhome, At Avenue Rd & Eglinton, 1921 Sq Of Elegance By Design, Completion Date November 2014, Featuring Oak Hardwood Flooring, …

C2809254 GoogleMap

C2809255 – M5N – 41B BURNABY BLVD Toronto, Ontario – $ 1,415,000

New Freehold Executive Townhome, At Avenue Rd & Eglinton, 2329 Sq Of Elegance By Design, Completion Date November 2014, Featuring Oak Hardwood Flooring, …

C2809255 GoogleMap

C2809344 – M3C – 150 LEEWARD GLENWAY Toronto, Ontario – $ 199,900

Excellent Location, Affordable Price For New Comer Or First Time Buyer, Spacious And Bright Main Floor Unit, Very Close To Down Town Toronto, Close …

C2809344 GoogleMap

E2809262 – M1J – 15 MIRAMAR CRES Toronto, Ontario – $ 419,900

Perfect 3 Bedroom Detached Home . Outstanding Location, Close To Scarborough Town Centre, 2 Min Walk To The Bus Stop, 02 Basement Unit W/ Seperate …

E2809262 GoogleMap

E2809270 – M4L – 1311 GERRARD ST E Toronto, Ontario – $ 399,900

Great Location!! This Home Has Great Potential Could Be Investment Unit, Multi-Unit Home Or Have An In-Law Suite. …

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E2809272 – M1E – 17 ORCHARD PARK DR Toronto, Ontario – $ 524,990

Gorgeous Oversized West Hill Renovated Bungalow On A Huge 50 X 157 Landscaped Lot! Double Car Garage Has Plenty Of Storage And Inside Access To Your …

E2809272 GoogleMap

W2809127 – M9V – 246 JOHN GARLAND BLVD Toronto, Ontario – $ 115,000

Beautiful 2 Story Town House Located Close To Schools, Hospital, Ttc. Spacious 3 Bedrooms, 2 Washrooms. Very Neat & Clean Unit. …

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W2809256 – M6N – 385 SYMINGTON AVE Toronto, Ontario – $ 499,900

Location …

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W2809322 – M6S – 138 VARSITY RD Toronto, Ontario – $ 484,000

Great Opportunity!!! This Fabulous Three Bedroom “”Valley”” Bungalow Features Spacious Living And Dining Room, Cozy Fireplace And Modern Kitchens And …

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W2809337 – M8Y – 34 EDWALTER AVE Toronto, Ontario – $ 1,499,000

Stunning New Home, In The Coveted Sunnylea Neighborhood, Blending The Modern And Traditional With A Huge Kitchen Featuring Fridge/Freezer, …

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W2809396 – M3L – 51 CHARRINGTON CRES Toronto, Ontario – $ 469,900

Well Maintained And Up-Dated Home With Private Driveway And Oversize Garage, Seperate Entry To Lower Level, 3 Baths, 2 Kitchens, Cold Room …

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W2809456 – M9V – 17 BROWNRIDGE CRES Toronto, Ontario – $ 497,900

This Home Shows 10+++. **Immaculately Kept And Upgraded**. Upgrades Are Built-In Bar,Built-In Wall Unit,Oak Stairs Open From The Bsmt To The 2nd Floor, …

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