Ontario’s housing market is driven by investors with deep pockets and multiple homes, according to a new report from Teranet.
According to the study, roughly one-quarter of all homes purchased in Ontario in 2021 were purchased by buyers that already own a residential property. This is a record-setting number that surpasses first-time homebuyers by a significant margin, says Teranet’s report.
For context, first-time home buyers consist of just one-fifth of home buyers in Ontario this past year.
As expected, investor home purchases are even more significant in Toronto where nearly one-third of 2021 purchases are by people that already own one property. Since 2011 investor purchases in Toronto have climbed almost 10 percent and the number of multiple property owners has grown by 50 percent.
Though most exports tout Ontario’s real estate boom as being spurred by demand outpacing supply, investor purchases are likely a cause at some level.
You can find Teranet’s complete study at this link.