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Police stand by officers who detained Black real estate agent, clients viewing home – NBC News



Police in Michigan are standing by a group of officers who drew their guns on and handcuffed a real estate agent, a potential home buyer and his 15-year-old son, all three of whom are Black and were touring a home on Sunday.

Officials with the Wyoming Public Safety Department said in a statement that the officers acted appropriately when they surrounded the Wyoming home and demanded that the three come out after they received a call about a home invasion at the location. 

“After a thorough internal review of the actions of each of our public safety officers who responded to this incident, we have concluded race played no role in our officers’ treatment of the individuals who were briefly detained, and our officers responded appropriately,” the statement said. 

Real estate agent Eric Brown, left, said he was taking his client Roy Thorne and his son through a home in Wyoming, Mich., when he noticed a growing police presence outside.WOOD TV

Eric Brown, 46, of Grand Rapids Real Estate, was giving Roy Thorne and Thorne’s son, Sammy, a tour of the two-story home in the early afternoon when he saw a police officer circling the property with his gun drawn, Brown has told NBC News. Brown had access to a lockbox that held the house key and let himself in, as he usually does when he is working as a real estate agent, he said. 

What Brown didn’t know was that a man had been detained on suspicion of having illegally entered the home about a week earlier. A neighbor spotted Brown entering the house and called police, telling the dispatcher that the man was “back there again. His car’s sitting out front,” according to audio of the call. Apparently, the suspect’s black Mercedes resembled Brown’s black Genesis, police said.

At least five patrol cars were on the scene, and Brown, Thorne and Thorne’s son were handcuffed.

Bodycam video shows the three exiting the home with their hands in the air, surrounded by patrol cars blocking the street. Brown said he believed he, Thorne and Sammy were being racially profiled.

After Brown convinced them he was a real estate agent by having an officer take out his wallet to find his business card and showing them how he had retrieved a key from a lockbox at the home, the officers removed the handcuffs and apologized, he said.

Brown said he feared for their lives, adding that Sammy was “clearly terrified and traumatized by the situation.” 

“I went from being afraid for my life to shellshocked to ‘this is not right’ to now slightly angry,” he said. “I felt definitely guilty of breaking into this house. And I had the keys to it.”

The country is in a time of racial reckoning, heightened by a summer of protests against systemic racism and police brutality following the death of George Floyd in police custody. Brown said he and Thorne are speaking with a lawyer. 

But Wyoming police said a review found that the officers did nothing wrong. Officials said their actions were in “accordance with department policy and training.”

After a review of bodycam video, two police officials found “no policy violations and indicated officers acted appropriately based on the information available to them at the time.”

Police said that Public Safety Director Kim Koster has reached out to Brown and that the department is arranging a meeting.

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In the latest real estate scam, homes are being sold behind owners’ backs. Here’s how. – Maclean’s



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In the latest real estate scam, homes are being sold behind owners’ backs. Here’s how.  Maclean’s


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Toronto Real Estate Prices Rise Despite Weakest January Sales Since 2009



Greater Toronto real estate agents have been dropping anecdotal evidence the market is firming. It might be true, according to the latest composite benchmark prices presented by the Toronto Regional Real Estate Board (TRREB). Home prices generally fell across the region, except in the most dense part—the actual City of Toronto. In the City, the price of a typical home actually climbed. One month isn’t enough to declare that a trend has changed, but it likely has the central bank sweating bullets.

Greater Toronto Real Estate Prices Fell, Just Not In The City

Greater Toronto real estate prices seem to have found a floor in some regions. The TRREB-wide composite benchmark fell 0.2% (-$2,500) to $1,078,900 in January. However, in the City of Toronto, the benchmark price climbed by 0.5% (+$5,100) to reach $1,067,000 in the month. While one month doesn’t make a trend, the data comes after Oakville-Milton single-family homes made a big jump higher in December. Not exactly the cooling expectations the Bank of Canada (BoC) had in mind for the market when it announced a pause.

Greater Toronto Real Estate Are Off The Peak

The composite benchmark price of a home across Greater Toronto.

Jan 2005Jan 2006Jan 2007Jan 2008Jan 2009Jan 2010Jan 2011Jan 2012Jan 2013Jan 2014Jan 2015Jan 2016Jan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023C$0C$200,000C$400,000C$600,000C$800,000C$1,000,000C$1,200,000

Date Canadian Dollars
Jan 2005 316,400
Feb 2005 325,400
Mar 2005 318,700
Apr 2005 328,400
May 2005 334,200
Jun 2005 336,100
Jul 2005 332,900
Aug 2005 333,500
Sep 2005 335,100
Oct 2005 336,400
Nov 2005 338,800
Dec 2005 335,700
Jan 2006 339,800
Feb 2006 342,900
Mar 2006 346,700
Apr 2006 350,600
May 2006 352,200
Jun 2006 352,400
Jul 2006 350,300
Aug 2006 349,800
Sep 2006 351,800
Oct 2006 350,600
Nov 2006 350,400
Dec 2006 348,100
Jan 2007 350,000
Feb 2007 356,900
Mar 2007 360,900
Apr 2007 365,300
May 2007 368,700
Jun 2007 371,700
Jul 2007 372,100
Aug 2007 373,600
Sep 2007 376,000
Oct 2007 378,000
Nov 2007 378,300
Dec 2007 377,400
Jan 2008 380,500
Feb 2008 383,100
Mar 2008 383,600
Apr 2008 385,000
May 2008 384,300
Jun 2008 382,700
Jul 2008 379,100
Aug 2008 377,200
Sep 2008 375,300
Oct 2008 371,000
Nov 2008 365,900
Dec 2008 358,000
Jan 2009 353,300
Feb 2009 352,100
Mar 2009 354,500
Apr 2009 359,200
May 2009 365,300
Jun 2009 372,000
Jul 2009 377,200
Aug 2009 383,100
Sep 2009 388,900
Oct 2009 394,300
Nov 2009 398,300
Dec 2009 399,600
Jan 2010 404,900
Feb 2010 411,700
Mar 2010 415,200
Apr 2010 416,800
May 2010 416,100
Jun 2010 414,300
Jul 2010 410,800
Aug 2010 410,600
Sep 2010 411,100
Oct 2010 411,600
Nov 2010 412,500
Dec 2010 411,700
Jan 2011 417,300
Feb 2011 424,500
Mar 2011 430,300
Apr 2011 435,900
May 2011 440,100
Jun 2011 443,400
Jul 2011 444,400
Aug 2011 446,600
Sep 2011 448,600
Oct 2011 450,000
Nov 2011 452,000
Dec 2011 453,400
Jan 2012 457,900
Feb 2012 465,900
Mar 2012 472,200
Apr 2012 478,100
May 2012 481,200
Jun 2012 480,700
Jul 2012 479,100
Aug 2012 476,300
Sep 2012 477,100
Oct 2012 476,100
Nov 2012 472,700
Dec 2012 474,800
Jan 2013 474,500
Feb 2013 482,700
Mar 2013 488,400
Apr 2013 493,800
May 2013 497,300
Jun 2013 498,200
Jul 2013 498,500
Aug 2013 499,300
Sep 2013 501,200
Oct 2013 504,400
Nov 2013 505,600
Dec 2013 506,400
Jan 2014 512,400
Feb 2014 521,800
Mar 2014 527,700
Apr 2014 533,900
May 2014 537,300
Jun 2014 539,900
Jul 2014 539,700
Aug 2014 540,500
Sep 2014 543,500
Oct 2014 545,900
Nov 2014 547,300
Dec 2014 548,200
Jan 2015 553,500
Feb 2015 564,300
Mar 2015 574,400
Apr 2015 583,000
May 2015 588,200
Jun 2015 592,800
Jul 2015 594,600
Aug 2015 597,400
Sep 2015 601,600
Oct 2015 602,700
Nov 2015 603,600
Dec 2015 605,900
Jan 2016 616,500
Feb 2016 631,600
Mar 2016 646,400
Apr 2016 665,000
May 2016 680,500
Jun 2016 692,000
Jul 2016 698,100
Aug 2016 706,600
Sep 2016 716,800
Oct 2016 724,700
Nov 2016 728,900
Dec 2016 735,700
Jan 2017 759,800
Feb 2017 804,500
Mar 2017 851,000
Apr 2017 865,500
May 2017 849,300
Jun 2017 822,400
Jul 2017 793,700
Aug 2017 774,600
Sep 2017 769,800
Oct 2017 766,200
Nov 2017 761,100
Dec 2017 756,600
Jan 2018 758,600
Feb 2018 764,200
Mar 2018 771,500
Apr 2018 775,800
May 2018 774,200
Jun 2018 771,700
Jul 2018 768,100
Aug 2018 764,000
Sep 2018 766,800
Oct 2018 767,300
Nov 2018 761,500
Dec 2018 756,300
Jan 2019 755,700
Feb 2019 763,200
Mar 2019 771,500
Apr 2019 776,400
May 2019 779,500
Jun 2019 779,600
Jul 2019 779,700
Aug 2019 779,200
Sep 2019 783,100
Oct 2019 787,700
Nov 2019 790,100
Dec 2019 792,500
Jan 2020 806,000
Feb 2020 830,600
Mar 2020 845,000
Apr 2020 832,100
May 2020 837,100
Jun 2020 842,400
Jul 2020 857,300
Aug 2020 869,900
Sep 2020 875,200
Oct 2020 877,000
Nov 2020 883,900
Dec 2020 893,800
Jan 2021 927,500
Feb 2021 970,100
Mar 2021 998,900
Apr 2021 1,010,900
May 2021 1,018,500
Jun 2021 1,021,900
Jul 2021 1,025,100
Aug 2021 1,033,200
Sep 2021 1,065,300
Oct 2021 1,113,100
Nov 2021 1,153,000
Dec 2021 1,187,200
Jan 2022 1,257,500
Feb 2022 1,326,100
Mar 2022 1,335,000
Apr 2022 1,303,900
May 2022 1,261,800
Jun 2022 1,204,900
Jul 2022 1,157,500
Aug 2022 1,124,600
Sep 2022 1,110,700
Oct 2022 1,098,200
Nov 2022 1,089,800
Dec 2022 1,081,400
Jan 2023 1,078,900

Source: TRREB; Better Dwelling.

Greater Toronto Real Estate Prices Are Still Down Significantly

Might not want to read too much into a single-month increase with prices still down significantly from last year. TRREB home prices are down 14.2% (-$178,400) from a year ago, while the City of Toronto is 10.2% (-$120,700) lower. For those curious, the rate of decline is still decelerating despite the month’s increase due to a base effect. Prices in January failed to rise as much as last year.

Greater Toronto Real Estate Price Growth Is Decelerating

The 12-month percent change for the composite benchmark price of a home across Greater Toronto.

Jan 2006Jan 2007Jan 2008Jan 2009Jan 2010Jan 2011Jan 2012Jan 2013Jan 2014Jan 2015Jan 2016Jan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023-100102030Percent

Date Percent
Jan 2006 7.4
Feb 2006 5.4
Mar 2006 8.8
Apr 2006 6.8
May 2006 5.4
Jun 2006 4.8
Jul 2006 5.2
Aug 2006 4.9
Sep 2006 5
Oct 2006 4.2
Nov 2006 3.4
Dec 2006 3.7
Jan 2007 3
Feb 2007 4.1
Mar 2007 4.1
Apr 2007 4.2
May 2007 4.7
Jun 2007 5.5
Jul 2007 6.2
Aug 2007 6.8
Sep 2007 6.9
Oct 2007 7.8
Nov 2007 8
Dec 2007 8.4
Jan 2008 8.7
Feb 2008 7.3
Mar 2008 6.3
Apr 2008 5.4
May 2008 4.2
Jun 2008 3
Jul 2008 1.9
Aug 2008 1
Sep 2008 -0.2
Oct 2008 -1.9
Nov 2008 -3.3
Dec 2008 -5.1
Jan 2009 -7.1
Feb 2009 -8.1
Mar 2009 -7.6
Apr 2009 -6.7
May 2009 -4.9
Jun 2009 -2.8
Jul 2009 -0.5
Aug 2009 1.6
Sep 2009 3.6
Oct 2009 6.3
Nov 2009 8.9
Dec 2009 11.6
Jan 2010 14.6
Feb 2010 16.9
Mar 2010 17.1
Apr 2010 16
May 2010 13.9
Jun 2010 11.4
Jul 2010 8.9
Aug 2010 7.2
Sep 2010 5.7
Oct 2010 4.4
Nov 2010 3.6
Dec 2010 3
Jan 2011 3.1
Feb 2011 3.1
Mar 2011 3.6
Apr 2011 4.6
May 2011 5.8
Jun 2011 7
Jul 2011 8.2
Aug 2011 8.8
Sep 2011 9.1
Oct 2011 9.3
Nov 2011 9.6
Dec 2011 10.1
Jan 2012 9.7
Feb 2012 9.8
Mar 2012 9.7
Apr 2012 9.7
May 2012 9.3
Jun 2012 8.4
Jul 2012 7.8
Aug 2012 6.7
Sep 2012 6.4
Oct 2012 5.8
Nov 2012 4.6
Dec 2012 4.7
Jan 2013 3.6
Feb 2013 3.6
Mar 2013 3.4
Apr 2013 3.3
May 2013 3.3
Jun 2013 3.6
Jul 2013 4
Aug 2013 4.8
Sep 2013 5.1
Oct 2013 5.9
Nov 2013 7
Dec 2013 6.7
Jan 2014 8
Feb 2014 8.1
Mar 2014 8
Apr 2014 8.1
May 2014 8
Jun 2014 8.4
Jul 2014 8.3
Aug 2014 8.3
Sep 2014 8.4
Oct 2014 8.2
Nov 2014 8.2
Dec 2014 8.3
Jan 2015 8
Feb 2015 8.1
Mar 2015 8.8
Apr 2015 9.2
May 2015 9.5
Jun 2015 9.8
Jul 2015 10.2
Aug 2015 10.5
Sep 2015 10.7
Oct 2015 10.4
Nov 2015 10.3
Dec 2015 10.5
Jan 2016 11.4
Feb 2016 11.9
Mar 2016 12.5
Apr 2016 14.1
May 2016 15.7
Jun 2016 16.7
Jul 2016 17.4
Aug 2016 18.3
Sep 2016 19.1
Oct 2016 20.2
Nov 2016 20.8
Dec 2016 21.4
Jan 2017 23.2
Feb 2017 27.4
Mar 2017 31.7
Apr 2017 30.2
May 2017 24.8
Jun 2017 18.8
Jul 2017 13.7
Aug 2017 9.6
Sep 2017 7.4
Oct 2017 5.7
Nov 2017 4.4
Dec 2017 2.8
Jan 2018 -0.2
Feb 2018 -5
Mar 2018 -9.3
Apr 2018 -10.4
May 2018 -8.8
Jun 2018 -6.2
Jul 2018 -3.2
Aug 2018 -1.4
Sep 2018 -0.4
Oct 2018 0.1
Nov 2018 0.1
Dec 2018 0
Jan 2019 -0.4
Feb 2019 -0.1
Mar 2019 0
Apr 2019 0.1
May 2019 0.7
Jun 2019 1
Jul 2019 1.5
Aug 2019 2
Sep 2019 2.1
Oct 2019 2.7
Nov 2019 3.8
Dec 2019 4.8
Jan 2020 6.7
Feb 2020 8.8
Mar 2020 9.5
Apr 2020 7.2
May 2020 7.4
Jun 2020 8.1
Jul 2020 10
Aug 2020 11.6
Sep 2020 11.8
Oct 2020 11.3
Nov 2020 11.9
Dec 2020 12.8
Jan 2021 15.1
Feb 2021 16.8
Mar 2021 18.2
Apr 2021 21.5
May 2021 21.7
Jun 2021 21.3
Jul 2021 19.6
Aug 2021 18.8
Sep 2021 21.7
Oct 2021 26.9
Nov 2021 30.4
Dec 2021 32.8
Jan 2022 35.6
Feb 2022 36.7
Mar 2022 33.6
Apr 2022 29
May 2022 23.9
Jun 2022 17.9
Jul 2022 12.9
Aug 2022 8.85
Sep 2022 4.25
Oct 2022 -1.34
Nov 2022 -5.49
Dec 2022 -8.9
Jan 2023 -14.19

Source: TRREB; Better Dwelling.

Greater Toronto Home Sales Had The Worst January Since 2009 

Greater Toronto residential real estate sales through the MLS are getting weaker. Sales across TRREB fell 44.6% to 3,100 homes in January. Being roughly cut in half is as bad as it sounds, it was the fewest homes sold since 2009.

Greater Toronto Real Estate Sales

The number of existing-homes sold across Greater Toronto through the TRREB, the local real estate board.  


Year Homes
2009 2,670
2010 4,986
2011 4,199
2012 4,432
2013 4,229
2014 4,103
2015 4,318
2016 4,640
2017 5,155
2018 3,987
2019 3,968
2020 4,546
2021 6,888
2022 5,594
2023 3,100

Source: TRREB; Better Dwelling.

Greater Toronto Inventory More Than Doubled, “Balanced”

At the same time, inventory pressures are still releasing. The number of active listings for sale jumped 124.6% to 9,299 homes in January. New listings showed a mild drop of 3.7%, and fell to 7,688 units over the same period. However, the drop was much smaller than that of sales, meaning less pressure on prices.

The result is the sales to new listings ratio (SNLR) is MUCH lower than last year. This is the indicator that determines if a market is a “buyers” or “sellers” market. The SNLR fell from 70% this time last year to 40% last month. That’s right, at the cusp of the 40%-to-60% range where the ratio is considered balanced, and priced right for the market.

So what’s happening? Once again, one month doesn’t make a trend, but there’s a few conditions that may be attracting buyers. The interest rate on a 5-year fixed rate mortgage is falling, meaning the market expects interest rates to fall relatively soon. At the same time, the Bank of Canada (BoC) is signaling the end of rate hikes, leading many antsy buyers to see this as close to the bottom.

The softening expectations are likely to be a big concern for the BoC in the coming months. Rising rates were supposed to throttle expectations for 18 to 24 months. Now with the general public reading into every move the central bank makes, their expectations are softening before inflation issues have been resolved. If it wasn’t just an anomaly, the BoC has a big problem on its hands.


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Housing Statistics in Canada Residential real estate investors and investment properties in 2020




For the first time, the Canadian Housing Statistics Program (CHSP) is publishing data on investors. This article presents a profile of these owners and the residential properties they owned in the provinces of Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia in 2020.

Key findings

  • The proportion of investors among owners varied from 20.2% in Ontario to 31.5% in Nova Scotia.
  • Among houses and condominium apartments, just under one in five properties was used as an investment in British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined.
  • Condominium apartments were used as an investment more often than houses (single-detached houses, semi-detached houses, row houses, and mobile homes). Ontario topped the list with the highest rate of condominium apartments used as an investment, at 41.9%.
  • Houses used as an investment were mainly owned by individuals living in the same province as the property.


Residential properties can be owned for several reasons: for use as a primary place of residence, but also for occasional use as a secondary residence, to generate income or other investment purposes. When properties are owned by investors, they can contribute to the rental housing supply—and therefore meet the population’s need for rental housing—but that can also limit the number of properties available to buyers who intend to use it as a primary place of residence. Data from the 2021 Census showed that the proportion of Canadian households who owned their home fell from 69.0% in 2011 to 66.5% in 2021. This article distinguishes between investors and other types of owners to better understand the profile of investors, what they own, and the role they play in the market.

This topic is especially important since, in the United States, the study by Haughwout et al. (2011) showed an increase in the proportion of investors among buyers from 2000 to 2007, when a housing bubble emerged. These borrowers then contributed considerably to the rise in delinquency rates during the 2007/2008 housing crisis. Analyzing the subsequent period in the United States (2009 to 2013), the study by Allen et al. (2018) also found that an increase in the percentage of houses purchased by investors in a given area led to higher prices in that market.

North of the border, the Bank of Canada (2022) analyzed the importance of investors—defined as buyers who own multiple mortgaged properties—and found an increase in the proportion of purchases by investors in Canada in the first half of 2021. Teranet (2022) made a similar observation in an analysis of transactions carried out by owners of multiple properties in Ontario. The Canada Mortgage and Housing Corporation (2016) also investigated investors — defined as households who own a primary residence and at least one secondary condominium unit — using a survey of condominium owner households in Toronto and Vancouver. They found that 48.4% of investors in 2015 stated that their secondary unit was rented out while 42.0% stated that they or a family member were using the unit.


In this release, the CHSP follows a different approach by identifying properties owned by investors among the entire stock of residential properties in Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia for the reference year 2020.Note The findings provide a snapshot of the situation in these provinces before the COVID-19 pandemic and can therefore be used as a point of comparison to determine the effects of the public health crisis when examining subsequent years.

What is an investor?

In this analysis, owners are divided into three categories: investors, investor-occupants, and non-investors.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence. Individual owners who own a single property in the same province as where they reside are not considered investors, so long as it is not a property with multiple units.

Specifically, the following owners are considered to be investors:

  • A business or government that owns at least one residential property, excluding Canadian non-profit organizations.Note Given the predominance of businesses in this category, they will simply be referred to as “business” in what follows.
  • An individual owner who is not resident in Canada, referred to as a “non-resident investor” below.
  • An individual owner who lives outside the province where they own residential property, referred to as an “out-of-province investor” in the province of the non-principal residence.
  • An individual owner who lives in the province and owns two or more residential properties, or owns a property with multiple residential units who does not occupy that property. These individuals will be referred to as “in-province investors”.

The investor category thus can include, among others, secondary residence owners, landlords, short-term rental owners, developers, for-profit businesses and speculators.

An owner is classified as an investor-occupant if they own a single property with multiple residential units, one of which is their primary place of residence. For example, this category includes owners of a house with a laneway unit or basement suite and owners of a duplex who live in one of the units. In all cases, at least one of the units must be occupied by one of the owners.

An owner is classified as a non-investor when they are not an investor or an investor-occupant. This category primarily includes owners who live in the province where the property is located, who own a single property, and this property does not have multiple residential units. Canadian non-profit businesses are also included in this category.Note

More than one in five owners is an investor

For British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined, CHSP data show that a total of 21.9% of owners were investors in 2020. The proportion of investors was higher in Nova Scotia (31.5%) and New Brunswick (29.0%) than in British Columbia (23.3%), Manitoba (20.4%), and Ontario (20.2%).

Chart 1: Distribution of owners, by investor status

Data table for Chart 1

This difference is largely due to a higher proportion of vacant land in the two Atlantic provinces, which is a type of property often owned in addition to the primary place of residence. The proportion of investors who live in the province and own one or two pieces of vacant land in addition to their primary place of residence was 6.7% in Nova Scotia and 7.7% in New Brunswick. If we remove this type of investor, the rate of investors falls to 24.8% in Nova Scotia and 21.3% in New Brunswick. The proportions of investors are then more comparable to those of the other provinces.

Given that the stock of vacant land is proportionally lower and more expensive in British Columbia and Ontario, less than 2% of owners in these provinces were in-province investors who owned one or two pieces of vacant land in addition to their primary place of residence. In Manitoba, the proportion of homeowners in this situation was also low, at 2.5%.

Investor-occupants are more common in British Columbia, where they made up 9.6% of owners. This higher proportion is mostly due to the composition of the housing stock. In this province, properties with multiple residential units represented 11.7% of the stock, a higher proportion than in the other provinces, where it varied from 2.9% in Ontario to 5.7% in Nova Scotia. This higher percentage in British Columbia was mostly attributable to many residences with a laneway unit or a basement suite among properties with multiple residential units. These kinds of properties were more likely to be occupied by the owner when compared to apartment buildings in British Columbia and elsewhere.

How is the investment status of the property defined?

An analysis of properties used as an investment helps clarify the role that investors play in the housing market. The investment status of the property is determined by analyzing the investor status of the owner and the use of the property. Properties are divided into one of the following three categories: an investment property, an owner-occupied investment property, and a non-investment property.Note

An investment property is defined as a property owned by at least one investor that is not the primary place of residence of any of the owners. This can include, for example, a rented property with one or more units, a cottage or a property owned for speculative purposes.

If the property is not included in the previous category, it can be considered an owner-occupied investment property if it is a property with multiple residential units where at least one of the owners occupies a unit.Note

Finally, the non-investment property category includes properties owned only by non-investors or those used as a primary place of residence by at least one of the owners.

The proportion of investment properties varies greatly by the type of property analyzed. Vacant land and properties with multiple residential units are used more for investment than single-detached houses, semi-detached houses, row houses, and mobile homes — which we refer to as “houses” in this article — and condominium apartments.

In all the provinces analyzed in this study combined, more than 9 in 10 vacant lots were investment properties or were owned by a non-profit organization. The remainder were owned by individuals residing in the province where they owned a single vacant lot. Similarly, for all these provinces, 96.7% of properties with multiple residential units were either investment properties (45.6%) or owner-occupied investment properties (51.1%), while the rest were owned by non-profit organizations. However, these proportions varied from one province to another. In British Columbia, 73.0% of properties with multiple dwellings were owner-occupied investment properties. By contrast, in the other provinces, the majority of properties with multiple dwellings were investment properties, with the proportion reaching 72.0% in Manitoba.

As a result, provinces with a large stock of vacant land, such as New Brunswick and Nova Scotia, and those with a high proportion of properties with multiple residential units, such as British Columbia, had high rates of investors or investor-occupants. The portrait shifts when the focus is on houses and condominium apartments, which are more likely to be owner-occupied, and therefore not used for investment purposes. In the following sections, the analysis of properties focuses exclusively on houses and condominium apartments, and excludes properties with multiple dwellings and vacant land.

In Nova Scotia, more than 1 in 20 houses is used as an investment by a person living outside the province or the country

The analysis by property type found that investors were drawn more to condominium apartments than houses. The share of houses used as an investment varied from 14.3% in New Brunswick to 20.1% in Nova Scotia, with an overall average of 15.6% for all five provinces. By comparison, this same statistic for condominium apartments was 39.4%. For the five provinces, a total of 918,695 houses were used as an investment, 584,615 of which were in Ontario. A regional analysis found that the proportion of houses used as an investment was generally higher in more touristic regions, where there may be more cottages.

In-province investors owned, as investment properties, between 8.7% of the houses in New Brunswick and 12.4% in Nova Scotia, and, as such, they owned more houses used as an investment than all the other types of investors combined.

Chart 2: Proportions of houses used as an investment, by investor type

Data table for Chart 2

Out-of-province investors owned proportionally fewer houses used as an investment in Ontario (0.3%) than out-of-province investors in the other provinces, which is likely partly due to higher real estate prices in Ontario than most of the provinces. Nova Scotia, New Brunswick and British Columbia seemed more popular with out-of-province investors, who owned, as investments, 2.3%, 1.6% and 1.7% of houses, respectively. New Brunswick and Nova Scotia may have attracted residents from other provinces with lower average housing prices than in other provinces. As for British Columbia, the number of out-of-province investors was particularly high in the areas near the Alberta border. In British Columbia, non-residents and out-of-province investors owned 43,890 houses used as an investment.

Condominium apartments are more popular with investors than houses

The share of condominium apartments used as an investment was higher than for houses, varying from 22.6% in New Brunswick to 41.9% in Ontario and totalling 39.4% for all five provinces. Although this share was higher in Ontario and British Columbia (36.2%) than in Manitoba (29.2%) and New Brunswick, this does not appear to be attributable to the large census metropolitan areas (CMAs) in those provinces. In fact, the rate of condominium apartments used as investment was lower in the CMAs of Toronto (36.2%) and Vancouver (34.0%) than the rate in the rest of their respective provinces.

Chart 1: Proportion of condominium apartments used as an investment, by investor type

Data table for Chart 3

There was a higher rate of business-owned investment properties among the condominium apartment stock than in the stock of houses. In Ontario, businesses owned 74,485 condominium apartments for investment purposes, or 13.4% of all properties of this type, which is the highest share among the provinces analyzed. Nevertheless, most condominium apartments used as an investment in both Ontario and Manitoba were owned by in-province investors. In the other jurisdictions, this was not the case.

The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in British Columbia (7.0%), followed by Ontario (5.6%).

More investment properties outside CMAs and census agglomerations (CAs) seem to be used as a secondary residence

While some investors rent out their investment property, others may use it as a secondary residence. Properties located outside CMAs and CAs are more likely to be used as secondary or recreational properties, such as cottages, when the owners are residents of the province and only own one additional property outside the region of their primary residence.Note These properties may or may not be rented.

Outside the major centres, this type of investment made up between 3.2% of houses and condominium apartments in New Brunswick and 11.1% in Ontario. In the latter, this amounted to 70,610 properties, or 1.6% of all houses and condominium apartments in the province. Of these, more than 99% were houses, while condominium apartments, which are less common outside major centres, represented less than 1% of the investment properties of this type.

In British Columbia and, to a lesser extent, Nova Scotia, the share of potential secondary residences owned by out-of-province investors was higher than in the other jurisdictions. In British Columbia, investment properties owned by out-of-province residents represented 6.3% of the houses and condominium apartments outside CMAs and CAs, while the figure for Nova Scotia was 3.5%.

Chart 4: Proportion of investment properties outside CMAs and CAs among condominium apartments and houses

Data table for Chart 4

Although a secondary residence could also be a pied-à-terre in the city, this seemed less common. In large urban centres, the proportion of houses and condominium apartments used as an investment owned by residents from outside the region or the province was lower than in areas outside CMAs or CAs. This proportion was highest in the CAs and CMAs in Nova Scotia (2.2%) and British Columbia (2.2%). In CMAs and CAs of the five provinces, the second property of in-province investors living in a different region was more often a condominium (23.0% of cases) than was the case outside major centres.

Chart 5: Proportion of investment properties among condominium apartments and houses, CMAs and CAs

Data table for Chart 5

In the Toronto and Vancouver CMAs, investment properties were concentrated in the downtown core

In both Toronto and Vancouver CMAs, there was a higher proportion of investment properties in the core census subdivisions (CSDs). In the Vancouver CMA, the Greater Vancouver ANote CSD was the one exception, with a higher proportion of houses and condominium apartments used as an investment (42.1%) than in the other CSDs in the region. This is consistent with other trends observed for Greater Vancouver A. According to the 2021 Census, this CSD had a higher proportion of renters (57.3% of households) than in the rest of the CMA. This difference is partially due to the students who attend the University of British Columbia, which is located in this area. Students are more likely to be renters, but they could also be owners, or they could live in a second property owned by a family member. In addition, this CSD had the highest non-resident ownership rate (14.9%) in the CMA in 2020.

In the City of Vancouver, which is the core CSD, the proportion of houses and condominium apartments used as an investment was 32.5%, the second highest proportion in the Vancouver CMA, which had an overall rate of 21.3%. The higher share of investment properties in the core CSD is partly due to a greater concentration of condominium apartments, which are more often used as an investment. However, even considering condominium apartments and single detached houses separately, both had a higher rate of properties used as an investment in the Vancouver CSD than in the rest of the CMA.

Map 1: Proportion of houses and condominium apartments used as an investment by census subdivision. Toronto and Vancouver census metropolitan areas, 2020

Description for Map 1

The finding was similar in Toronto, where the proportion of investment properties was higher in the core CSD of the City of Toronto (21.7%) than in the CMA as a whole (16.3%). For the CSD, this amounts to 112,220 condominium apartments and 52,935 houses used as an investment.

Note to readers

The Canadian Housing Statistics Program (CHSP) is an innovative data project that leverages existing data sources and transforms them into new and timely indicators on Canadian housing.

The data in this study are compiled from the CHSP for the reference year 2020. Complete information about the reference years of the property stock, by province and territory, are available here.


Investor status and investment status of the residential property take into consideration the type of property as obtained by our data providers. Certain properties may have secondary units that are not known to the authorities. As a result, we cannot account for them. The counts and distribution of properties are calculated based on the property classifications established by the CHSP. These may differ from the ones used by local authorities.

Once the property is categorized as an investment property, a subcategory is created to determine the type of investment property. This is based on the type of investor who owns it. The order of priority is as follows:

  1. Investment property owned by at least one business or one government;
  2. Investment property owned by at least one non-resident individual;
  3. Investment property owned by at least one out-of-province individual;
  4. Investment property owned by an individual living in the province.

Properties cannot be included in more than one investment property category. If the property has multiple owners with various profiles, once an owner fits in one of the categories, by order of priority, then the property is included in that category.

Geographical boundaries

In CHSP releases, data are based on the geographical boundaries from the Standard Geographical Classification 2016.

The CHSP database does not contain information about residential properties on Indian reserves.


property owner refers to an individual or an entity included in the classification of ‘business and government’ (such as corporations, governments, sole proprietorships and partnerships, and other legal types) that has property title transferred to, recorded in, registered in, or otherwise carried in their name.

A property may have more than one owner or an owner may have more than one property, therefore the count of owners and properties can differ.

An individual is considered a non-resident if their primary dwelling is outside the economic territory of Canada.

The core of a geographic area, for the purposes of this release, refers to the census subdivision (CSD) within a census metropolitan area (CMA) with the highest number of residential properties.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence, excluding Canadian non-profit organizations. An individual owner who owns a single property in the same province as where they reside is not considered an investor, so long as it is not a property with multiple residential units. This category excludes investor-occupants.

An investor-occupant is defined as an owner who possesses a single property with multiple residential units and who occupies that property.

non-investor is defined as an owner who is not an investor or an investor-occupant. An owner who lives in the same province as where the property is owned and owns a single property is included in this category, so long as it is not a property with multiple residential units.

An investment property refers to a residential property owned by at least one investor and is not used as a primary place of residence by any of the owners. This category excludes owner-occupied investment properties.

An owner-occupied investment property refers to a property with multiple residential units where at least one of the owners occupies a unit.

non-investment property refers to a property held solely by non-investors or a property being used as a primary place of residence by at least one of the owners and that is not an owner-occupied investment property.

The term unspecified investment property status refers to properties whose owner is unknown, and therefore the investment status of the property cannot be determined.

property with multiple residential units refers to a property containing more than one set of living quarters owned by the same owner(s), as is the case for an apartment building or a duplex or a property with two houses on the same lot.

condominium apartment refers to a set of living quarters that is owned individually, while land and common elements are held in joint ownership with others.


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