A recent statement out from CMHC said
MONTREAL - Canada's federal housing agency says the number of foreign buyers in the Montreal area surged by 37 per cent in the first four months of the year. The 236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions from January to April, the Canada Mortgage and Housing Corp. said in a report. That's up from 172 deals representing 1.3 per cent of total sales a year earlier during the same time period. By comparison, home purchases by foreign buyers in the Vancouver area have hovered around three to four per cent of all transactions since the introduction of a 15 per cent foreign buyers' tax last August. In the Toronto area, about five per cent of transactions were made by foreigners before a tax was added in April. Quebec housing 'light years way' from Vancouver, Toronto: Leitao. BNN speaks with Quebec Finance Minister Carlos Leitao about the growth in jobs and how that's helping to drive the housing market in the pro