Foreign buyers behind only 5 per cent of Toronto home purchases in 2016
Don't blame overseas investors for the high price of housing in the Toronto area, says the Toronto Real Estate Board (TREB).
The board is releasing new research showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year involved foreign buyers.
More than half of those foreign buyers were purchasing homes for themselves or to house family members, according to a November Ipsos survey of TREB agents, who acted on behalf of those buyers.
About 25 per cent of the homes purchased by non-Canadians were bought as rental investments.
The data suggests that a foreign buyer tax such as the 15 per cent implemented in Vancouver last summer would be misguided, says TREB.