![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2017\/12\/JPbombales-1673-compressed-1.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n How many foreign buyers are investing in Canadian real estate? Not as many as you’d think<\/p>\n After much speculation about the effects of foreign buyers on Canada\u2019s hottest real estate markets, the results are in \u2014 and they might not be what you\u2019d think.<\/p>\n Non-residents of Canada \u2014 otherwise known as foreign buyers \u2014 account for less than 5 per cent of housing in the GTA and the GVA, according to a joint report from Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC), released today. <\/p>\n\n The data comes on the heels of the implementation of Ontario\u2019s foreign-buyer tax in April, which was introduced as many industry players raised fears about foreign investment driving up prices and worsening affordability. BC introduced its own tax for the GVA in April 2016.<\/p>\n The data from the report found that non-residents owned a mere 3.4 per cent of all residential property in the GTA, and only 4.8 per cent in the GVA The numbers were highest in the condo market, however, with Toronto coming in at 7 per cent, and Vancouver at 8 per cent.<\/p>\n \u201cThe phenomena of non-resident ownership is most pronounced for condo apartments,\u201d said CMHC chief economist Bob Dugan in a conference call this morning. \u201cBut what we\u2019re seeing is that the share of condos owned by non-residents remains low and stable.\u201d<\/p>\n