So, who is the largest chunk of homebuyers in the Greater Toronto Area?
A report from Altus Group Ltd. can help us answer that question. In January, they found that immigrants — defined as someone whose country of origin is not Canada — purchase one out of every two homes in the GTA. Additionally, Canada is expected to see 300,000 newcomers per year (30 per cent of the newcomers will reside in Toronto), which means an increased demand for home and investment ownership for the foreseeable future.
Although there is evidence that new immigrants dominate the housing market, there is also evidence that over a quarter of Toronto’s real estate is bought by domestic investors who own multiple properties. A report by Teranet — a private operator of the province’s land registry — looked at buyers from January 2011 to August 2021, and found that the largest segment of buyers is now owners of multiple properties. These investors now represent one in four Ontario home buyers. Their share is even higher in Toronto, which means that one in every four property owner owns at least one other property in Canada.
