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New CMHC Condominium Owner Survey Results

CMHC

Canada Mortgage and Housing Corporation (CMHC) released the results of their Condominium Owner Survey last Friday, August 8th 2014. The data collected from Canada’s two biggest markets, Vancouver and Toronto, revealed that 82.9% of condominium owners reside in their units while 17.1% of condos are owned by investors.

This survey focused on households that own one primary condominium unit and have at least one secondary condominium. Omitted are Canadian or foreign investors who own condominium units in Toronto or Vancouver but do not reside in these Census Metropolitan Areas.

Of the investor owned condominiums, 46.3% of units were purchased in 2007 or before. More recent, 33% of these were bought from 2010-2013. Half of the investors rent out their unit and one third of the units are occupied by family. The remainders were vacant for various reasons (selling, renovations). The most dominant point of purchase was for rental income. Over half, 53.2%, bought for this reason. 11.9% bought with the intention to sell the condominium within the next year to generate a profit.

56.2% have a mortgage on their secondary condo. Of those mortgages, 49% are in a fixed rate mortgage, 33% are in a variable rate and 10% are in a combination of fixed and variable rates. The other 7% were unsure or did not answer.  Nearly half of the Toronto and Vancouver investors are in a 5 year mortgage term.

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