A rising share of condo investors in Canada’s hottest housing markets are snapping up multiple units in hopes of capitalizing on rising prices and lucrative rental income.
Over all the condo investment market has been stable, Canada Mortgage and Housing Corp. found in a new survey of more than 42,000 condo owners in the Toronto and Vancouver regions. About three-quarters of condo buyers reported that they owned only one unit, a share that has remained roughly consistent for the three years the federal housing agency has conducted its annual survey.
At the same time, the total number of investors in the two regions who say they have purchased at least two condo units in addition to their primary residence has risen nearly 13 per cent over the past two years. Nearly a quarter of condo investors told CMHC they owned least two units, with close to 10 per cent reporting they owned three or more condos.