Some more clarity on foreign buyers in one of Canada’s major markets, but is it enough to paint a clear picture?
Not quite yet, according to one leading bank.
“A new dataset now provides an answer: foreign buyers participated in 6.2% of all transactions that occurred from April 24 to May 26, 2017. The detailed snapshot of foreign buyer activity released this week by the Ontario government also provides a very interesting insight on their influence on prices,” Robert Hogue, RBC senior economist, said in a recent report. “Pockets where foreign buyers have been most active aren’t the areas where home prices have risen the fastest in the past year in the Greater Golden Horseshoe (GGH) region. This appears to fly in the face of the notion that buyers from abroad are the main culprits for runaway prices in the region.”