Investors own one in three condos in Toronto
One of the most vital relationships for Torontonians is the renter-landlord tango. As people know in this city, owning property is rare.
New Statistics Canada findings have confirmed this — one in three condominiums in Toronto are owned by investors.
In some cases, the owners are landlords and rent out their units. Others buy property as investments or use them as second homes that are left vacant for long durations of time.
Statistics Canada published this Portrait of Residential Property Owners in Ontario, Nova Scotia and British Columbia last month with the goal of analyzing more federal housing data.
This publication is a significant step in starting an open dialogue on housing and communicating the environment of the real estate market to Canadians.
Within the GTA, Markham has a higher rate of condos that are not occupied by the owner than Toronto, at 38.7 per cent and 37.9 per cent, respectively, according to The Globe and Mail’s analysis of the data.
In Mississauga, 35.6 per cent of condos are not occupied by the owner; Richmond Hill is at 31.6 per cent, Brampton is at 29.9 per cent and Vaughan is at 29.7 per cent.
In total, 36.6 per cent of condos in the GTA area are not owner-occupied.
The Stats Can study found the median age of resident owners in Ontario is 54.
This won’t come as a surprise — among millennials, which they identify as people born between 1980 and 1999, only 15 per cent are individual residence owners in Ontario.
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