A recent survey by Canada Mortgage and Housing Corporation (CMHC) discovered that nearly one in five condominium owners in Vancouver and Toronto have purchased additional investment units.
Surveying 42,426 households in both cities, the results revealed that of those who own at least one condo, 17.1 percent owned at least two units. The common reasoning behind this is that while one unit used as a personal residence, the other(s) are considered long-term investments; 50 percent being rented out, and one third occupied by the owner’s family.
Interestingly, 58.4 percent of those who identified as investors expected to keep their secondary unit for more than five years, and 11.9 percent also reported that they originally bought their most recent additional unit with the intention of reselling it for a profit within a year of purchase.
While 56.1 percent of Torontonians expect an increase in unit value over the next year, only 36.6 percent of Vancouverites anticipate such luck.
