Toronto Real Estate Hub

Data provided by the Canadian Housing Statistics Program shows most recently built condos weren’t owner occupied in 2020.

Canadian cities have seen as little as 0% of recently built condos since 2016 go to end-users. Investors have outcompeted end-users for what’s generally considered the most affordable ownership option.

There were 58,100 units built since 2016 with known ownership, and 59.8% had non-occupying owners in 2020. Ontario’s recent condo building boom only saw 2 in 5 units bought by end-users.

Small cities like Woodstock, one of the fastest growing for price, saw 100% of its 225 new condos bought by non-occupying owners.

Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate increased from 20 per cent to 25 per cent.

The NRST applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by foreign nationals (meaning those who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees.

The NRST applies in addition to the general Land Transfer Tax (LTT) in Ontario.

The government recognizes that some purchasers may have already signed agreements of purchase and sale that do not close for a few months or longer. There are transitional provisions available for certain transfers of land conveyed pursuant to agreements entered into on or before October 24, 2022.