A recent Statistics Canada study is challenging assumptions about who’s driving the GTA’s housing market. The analysis reveals that non-permanent residents (NPRs), despite their growing numbers, represent a surprisingly small fraction of homeowners. Across Ontario, NPRs accounted for just 0.13% of homeowners in early 2022. The study suggests that the surge in temporary residents is primarily impacting the rental market, not homeownership. This has implications for investors and developers in the GTA. With Ottawa planning to reduce temporary resident admissions, experts predict a cooling effect on the rental market and potentially entry-level home demand. This new data provides valuable insights for understanding the evolving dynamics of the GTA real estate landscape. For a deeper dive, read the full article on mpamag.com.
Read the original story here: https://www.mpamag.com/ca/mortgage-industry/industry-trends/statcan-study-shows-temporary-residents-barely-register-in-homeownership-market/560019
