The growing numbers of non-permanent residents who are working or studying in Canada on temporary visas are having an impact on the real estate markets in major cities such as Vancouver and Toronto.
A new report from Canada Mortgage and Housing Corp. shows non-permanent residents accounted for 3.9 per cent of new mortgages provided in 2016 in Vancouver, an increase from 3.3 per cent in 2014. They accounted for 2.7 per cent of new mortgages Toronto in 2016, up from 2 per cent in 2014, and 2.9 per cent of mortgages in Edmonton, a slight decline from 2.8 per cent two years earlier.
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The report uses data obtained from Canada’s five largest banks on their mortgage lending trends in the prior three years in five major census metropolitan areas, which encompass cities and their surrounding suburban communities.