The Canada Mortgage and Housing Corporation has released its latest Condominium Owners Report for Toronto and Vancouver. Three quarters of condo owners do not own secondary units, while 23.5 per cent own at least one secondary unit. The highlights of the report speak to the later group that owns additional units aside from their primary units, and they are:
Three quarters of condo investors only have one unit.
10 per cent of condo owner investors have three or more secondary units.
The majority (90 per cent) of condo owner investors don’t expect to buy more units in the next year
Almost half of condo owner investors bought a second unit for rental income.
56 per cent of condo owner investors expect the value of their most recently purchased condo to increase, five per cent predict a decrease, and 35 per cent anticipate no change in value.
One-fifth of condo owner investments put a down payment of less than 20 per cent on their units, while 45 per cent put more than 20 per cent down.
Almost two-thirds of condo owner investors plan on holding onto their most recently purchased unit for more than five years.
48 per cent say their last secondary unit is rented out, down from 52 per cent in last year’s survey.