December 19, 2017 / 1:47 PM / 8 months ago

Foreign investment in Toronto, Vancouver housing below 5 pct

OTTAWA, Dec 19 (Reuters) - Foreign ownership of residential property in Canada’s two largest markets, Toronto and Vancouver, is below 5 percent, Statistics Canada said on Tuesday in a report that suggests that foreign investors are not driving up home prices in Canada.

The new data, promised for months, showed non-residents owned 3.4 percent of all residential properties in Toronto, while the value of the properties was 3.0 percent of housing stock. In Vancouver, non-residents owned 4.8 percent of residential properties, accounting for 5.1 percent of total housing value, Statscan said. (Reporting by Andrea Hopkins; Editing by Jeffrey Benkoe)

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