Residential Market Commentary - September 28, 2015
Sep 28, 2015, 13:40 PM
With the federal election campaign heating up and a recent spate of media articles (particularly in Vancouver) attention is once again turning to foreign ownership of Canadian real estate.
Earlier this month Liberal leader Justin Trudeau said he is prepared to launch a review of housing prices with a view to affordability. In August Conservative leader Stephen Harper said his government would track foreign ownership and, if necessary, move to control it if re-elected.
In the meantime CMHC says it is working to fill this data gap – a long-standing complaint among market watchers. The federal housing agency did release some foreign ownership numbers in December of 2014. They focused on condominiums and were roundly deemed to be woefully lacking.
A recently revealed CMHC briefing note, from May of this year, says the agency is continuing to solicit ownership information through meetings and roundtables with industry stakeholders and discussions with other data providers.
There is no word on when the information will be available.