The latest Rental Market Survey from the Canada Mortgage and Housing Corporation (CMHC) revealed that foreign investor-owned Toronto condominiums represent 2.4 per cent of the region’s inventory. According to the CMHC, that number is the highest among major Canadian metros surveyed in the report. In Vancouver and Montreal, foreign ownership in condominiums totaled 2.3 per cent and 1.5 per cent, respectively.

The Toronto Star reports that the CMHC calculated the Toronto percentage based on which of 92,257 GTA rental units were owned by individuals with foreign mailing addresses (information the CMHC requested from condominium corporations and property management companies).

Based on their findings, foreign investment is low, a discovery many observers and analysts find surprising. In fact, an article from the Toronto Star’s Susan Pigg suggests that some observers believe more accurate numbers to be at least two times higher.

Taking this feedback into account, CMHC regional economist Ted Tsiakopoulos says that the housing agency will explore other sources in the future.

“We think that it’s a representative picture of what’s happening out there,” said Tsiakopoulos in his exchange with Pigg. “But we intend to also look at alternative sources of data (around foreign ownership) as well going forward.”

In total, the report surveyed 12 Canadian cities on foreign investment in condos. Of those regions, Winnipeg ranked lowest for foreign investor ownership at 0.1 per cent.