OTTAWA, July 5, 2017 /CNW/ - Most of Canada's purpose-built rental apartments are owned by individual investors or private corporations, according to a new Housing Market Insight report released today by the Canada Mortgage and Housing Corporation (CMHC).
This report, entitled "Rental Ownership Structure in Canada", is part of an on-going effort to address "data gaps", focussing on the ownership structure of the purpose-built rental market and the extent of foreign ownership within that segment of housing in Canada. The data upon which the report is based comes from a new set of questions added to CMHC's 2016 Rental Market Survey.
- Roughly 90 per cent of purpose-built rental apartment units in Canada are owned by individual investors and private corporations.
- Units owned by individual investors tend to have lower rents than units owned by other ownership types, but the difference is smallest in the most expensive markets.
- The share of foreign ownership of purpose-built rental apartments is small. Nationally, it stands at 2.4 per cent.
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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.
"Purpose-built rental buildings are an important part of the rental supply in Canada, especially in urban centres where they house slightly more than half of households who rent. While individual investors and private corporations own the bulk of these buildings, it's interesting to note that these groups are not evenly represented across major markets."
Canada Mortgage and Housing Corporation
SOURCE Canada Mortgage and Housing Corporation
For further information: Audrey-Anne Coulombe, Media Relations, (613) 748-2573, [email protected]