Toronto, Vancouver condo investment is long-term says report
Most investments in condos in Toronto and Vancouver are for long-term gains rather than making a quick buck. That’s according to a report from the CMHC which says investors display a “stable characteristics over time.”
The Condominium Owners Survey includes insights on what motivates condo purchases, how long owners hold onto their units, and the mortgage-financing profile of condominium owners whose primary dwelling is a freehold or condominium unit but who also own at least one secondary condominium unit.
Around 60 per cent intend to hold on to their last purchases for at least 5 years with just 8 per cent intending to sell within 2 years. Nearly three-quarters only hold one unit and most (90 per cent) do not intend to buy another within a year.
Fifty-three per cent of investors have a mortgage on the property, slightly lower than the 59 per cent of all home owners, as revealed in the CMHC’s previous National Household Survey.
More than half of investors (56 per cent) expect their units to appreciate in the year after purchase, 35 per cent do not expect a significant change and 5 per cent anticipate a decrease in value.
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