OTTAWA, Feb. 12, 2019 /CNW/ - New data from the Canadian Housing Statistics Program (CHSP) shows that individuals own the vast majority of residential properties while non-individuals own less than 10% of residential properties in British Columbia (B.C.), Ontario and Nova Scotia, according to the most recent Housing Market Insight (HMI) released by Canada Mortgage and Housing Corporation (CMHC).
The report, Residential Property in British Columbia, Ontario and Nova Scotia: Overview of Non-Individual Ownership provides new detail on the ownership structure of residential property, including vacant land, in each of the three provinces. It provides insight into the relative ownership shares of individuals and non-individuals.
Non-individual entities are classified into distinct categories according to their legal constitution, representation or affiliation, including corporations and governments, which dominate non-individual ownership.
- Non-individual ownership of residential property varies by province – less than 10% of the total number of residential properties – specifically 9.8% in B.C., 7.4% in Ontario and 7.9% in Nova Scotia.
- At the Census Metropolitan Area (CMA) level, non-individual ownership of residential property is at 5.6% in Vancouver, 4.2% in Toronto and 9.9% in Halifax.
- The share of the total assessed value for residential properties owned by non-individuals is 11.7% in Vancouver, 9.9% in Toronto and 18.8% in Halifax.
- Corporations and government entities dominate non-individual ownership, together accounting for 9.5% of the ownership of residential properties in B.C., 7.1% in Ontario and 7.3% in Nova Scotia, with other non-individual entities together accounting for less than 1% in all three provinces. Corporation ownership is concentrated in the construction sector and the real estate and rental and leasing sector.
- Non-individual owners are more prevalent in the ownership of vacant land in these three provinces.
- Non-individual owners in the construction and government sectors combined account for more than half of the total value of vacant land owned by non-individuals, concentrated in the Vancouver, Toronto and Halifax census metropolitan areas (CMAs).
- The average assessed value of vacant land owned by non-individuals is $1.9 million in the Vancouver CMA and $900,000 in the Toronto CMA.
Vacant land refers to a property on which there are currently no residential structures, but where one can be built. Vacant land may also include land on which the residential structure has not yet been assessed or land on which a residential structure is present, but owned by another entity (for example, a mobile home in a mobile home park).
The Canadian Housing Statistics Program (CHSP)
Statistics Canada and CMHC continue to work together to improve the understanding of housing markets through the release of new housing-related data and analysis under the Canadian Housing Statistics Program (CHSP). The CHSP provides a coherent and consistent structure to measure the ownership and property characteristics of the residential real estate sector in Canada.
In Budget 2017, the Government of Canada provided funding to Statistics Canada to improve housing data through the CHSP. The CHSP is comprised of mostly administrative data. The use of administrative data is a key element in Statistics Canada's modernization effort to produce statistical information that is comprehensive, cost effective and timely. Data in this publication is from the 2018 property assessment rolls for each province.
Through this partnership, CMHC will be releasing a series of Housing Market Insight reports based on data collected though the CHSP. Specific dates have not yet been determined. .
- Residential Property in British Columbia, Ontario and Nova Scotia: Overview of Non-Individual Ownership (February 12)
- Residential Property in British Columbia, Ontario and Nova Scotia: Overview of Ownership by Residency Status (notably examining ownership by non-residents)
- Overview of Residential Property Sizes in British Columbia, Ontario and Nova Scotia
- Ownership of Residential Property by Investors
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
"This new data on vacant land and ownership structure addresses another important data gap in housing, providing concrete evidence that residential ownership by non-individual entities is dominated by corporations and governments in each of these three provinces. It may also help us alleviate housing affordability challenges as it allows us to better understand housing supply constraints in key Canadian markets."
Canada Mortgage and Housing Corporation
SOURCE Canada Mortgage and Housing Corporation
For further information: Angelina Ritacco, CMHC Media Relations, 416-218-3320, [email protected]