Number of foreigners holding Canadian mortgages continues to escalate.
Nearly 10% of mortgages issued in Vancouver and Toronto in 2016 went to non-permanent foreign residents aged under 25 years old, according to the Canada Mortgage and Housing Agency (CMHC). The federal housing agency noted that this upward trend has been consistent over a two-year period, which could mean that “younger NPR (non-permanent residents) may be receiving parental support to purchase homes.” The CMHC’s latest study, which covered the mortgage issuance of the nation’s five largest banks, found that 3.9% of mortgages issued in Vancouver were held by non-permanent residents in 2016, increasing from 3.3% in 2014. Meanwhile, 2.7% of mortgages issued in Toronto in 2016 were held by foreigners, growing from 2.1% in 2015 and 2.0% in 2014.
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