He was kind, caring, and gave great big Bear hugs as he left. Your Dad was one of the most honourable men I ever met. I just could not accept that he was no longer here. helped me to disperse of Bert's costumes, rifle, etc to the Armories for their displays. He always told me I worked to hard and should slow down. there was usually a lot of laughter and sparring going on. in fact he had visited with Ken Buckell and I about 2 weeks prior to his untimely passing. He never wanted to rush me because I was a busy person - came by for tea off and on. have 3 1/2 voyageur shirts hanging in my craft room. He continued to be a friend after Bert died in 2003. I met Tom through my husband, the Late Bert York, who was taken under your dad's wing through the Old Fort William Volunteers and the re-enactment group. If they’re outbid for these units at a rate higher than the ownership rate, expect the ownership rate to decline rapidly in the coming years.Condolence: To:Thomas,Geoff, Jamie and Families. Heck, research even indicates that low rates help to concentrate wealth.Ĭondo apartments are the “most affordable” segment of housing for homebuyers. There’s a reason central banks warn low rates don’t improve housing affordability. Since investors compete with and pass on costs, this can drive prices and rents higher. Low rates and sub-1% property taxes combined to make a high leverage investment with low carrying costs. There was no ownership data for the other regions, but it being a cross section of regions shows it’s not just an Ontario or BC issue.Ĭanada’s speculative setup created the perfect environment for investors. Even in Manitoba the majority (51.5%) of new condos had non-occupying ownership in 2020. With low rates across Canada, it’s become an issue virtually everywhere. Source: Canadian Housing Statistics Program Better Dwelling. The share of condo apartments constructed after 2016 with non-occupying ownership in 2020. Ontario Has Seen 3 In 5 Recently Built Condos Go To Non-Occupying Owners Investors in the much larger Kitchener-Cambridge-Waterloo region owned 81% of the 3,210 condo units recently built. London saw over 4 in 5 (82%) of its 1,360 recently built condos suffer a similar fate. Small cities like Woodstock, one of the fastest growing for price, saw 100% of its 225 new condos bought by non-occupying owners. The trend applied to cities of all sizes, even small and secondary markets. Ontario’s recent condo building boom only saw 2 in 5 units bought by end-users.
There were 58,100 units built since 2016 with known ownership, and 59.8% had non-occupying owners in 2020. Most of Ontario’s recently built condo apartments were bought by non-occupying owners.
Ontario Has Seen Nearly 3 In 5 New Condos Go To Investors Investors have outcompeted end-users for what’s generally considered the most affordable ownership option. In any case, Canadian cities have seen as little as 0% of recently built condos since 2016 go to end-users. The owner could have bought it to be a landlord, as a second home, or just needed a house shaped safety deposit box. Data provided by the Canadian Housing Statistics Program shows most recently built condos weren’t owner occupied in 2020.
Worried falling Canadian real estate prices will hurt owners of all those new condos? Well, you can relax because the majority of them are investor owned.
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