After conducting a Condominium Owners Survey (“COS”) of 42,681 condominium owners residing in Toronto and Vancouver, Canada Housing and Mortgage Corporation (“CMHC”) released a report of its findings about condominium owners who also own at least one additional unit (“COS Investors”).
Generally, these findings indicate stability among COS Investors:
- Nearly 75% of COS Investors own only one secondary unit and almost 90% do not contemplate buying additional units in the next year.
- Almost 60% of COS Investors anticipate holding their secondary unit for at least five years and over 50% of those who obtained a mortgage when they bought their secondary unit took a mortgage term of five years.
- Only 8% of COS Investors anticipated holding their secondary unit for less than two years.
- Almost half of the COS Investors bought their unit to generate rental income.
- 56% of COS Investors expected the value of their secondary unit to appreciate, while only 5% expected a decrease.
As this survey only covered COS Investors residing in Toronto and Vancouver the findings do not reflect ownership activity of foreign investors and corporate investors in those cities.
Click here to read the full CMHC report.