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6 Jun

Real Estate: Growing number of homes being sold over asking

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Posted by: Frederic Pichette

CTV Montreal
Published Wednesday, May 30, 2018 1:36PM EDT 
Last Updated Wednesday, May 30, 2018 6:25PM EDT

There are more signs that Montreal has become a seller’s market for real estate as the number of properties for sale has dropped.

The Greater Montreal Real Estate Board says the percentage of homes being sold above asking price has increased compared to last year, to a point where 10 percent of sellers are getting more than they asked for.

There are now bidding wars taking place in neigbourhoods where turnover is low, notably the Rosemont-La Petite Patrie borough, Verdun, and the Plateau-Mont Royal borough.


Real estate agents say the most desired properties are duplexes, triplexes, and small apartment buildings, with some selling prices being $15,000 over asking.

On the West Island the announcement of the REM has apparently sparked interest in Pointe Claire, Kirkland, and Dollard des Ormeaux, with about 20 to 30 percent of homes in those neighbourhoods selling for more than the asking price.

This comes as the number of properties for sale has dropped about 17 percent in the past year.

Real Estate broker Amy Assaad said the number of sales over asking is unusual, but that an overall increase in prices is normal.

“I see the market being consistent. I see an increase of between six to eight percent for homes depending on the area. I don’t forecast a bubble whatsoever,” said Assaad.

She said unlike Toronto and Vancouver, which have seen slumps in sales as people find those markets are becoming too expensive to afford, Montreal and the surrounding area have a lot of potential to grow.

“There’s always been a consistency with Montreal. It’s an attractive city, it’s a metropolitan city. We have a great educational system, great transport system. The economy is great. There’s a lot more people moving here and basically there’s a lot of great press right now about our city and I think that’s what’s also gaining confidence in the marketplace,” said Assaad.

The increase in the prices is apparent throughout the province, with 7.2 percent of homes in the Gatineau area, and 5.8 and 5.5 percent around Quebec City and Trois Rivieres respectively, being sold above asking price,

7 May

Montreal home sales up 10 per cent in April to reach eight-year high: board

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Posted by: Frederic Pichette

Condominium sales climbed 18 per cent compared with a year ago.

MONTREAL — The Greater Montreal Real Estate Board says area home sales in April were up 10 per cent compared with a year ago as they recorded their highest mark for the month in eight years.

The board says there were 5,432 home sales in April, up from 4,957 a year ago, based on the real estate brokers’ Centris provincial database.

Condominium sales climbed 18 per cent compared with a year ago. Meanwhile, sales of single-family homes and plexes, which include two to five units, both gained six per cent.

The median price of single-family homes across Greater Montreal was $317,000 last month, up four per cent year-over-year, while plexes reached $500,000, a three per cent increase.

As for condominiums, the median price was up two per cent compared with a year ago, with half of all units selling for more than $245,350.

The increase in sales came as the number of active listings fell 17 per cent to 25,466, compared with 30,735 a year ago. New listings fell two per cent to 6,584 compared with 6,728 in April 2017.

25 Apr

Why you shouldn’t bet on a Montreal housing bubble

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Posted by: Frederic Pichette

The Haider-Moranis Bulletin: Montreal’s housing market is booming, but there are a few reasons to be skeptical the city is headed down the path of Toronto and Vancouver

Earlier this week, final numbers were released on the Montreal housing market for 2017, and unlike Vancouver and Toronto, Canada’s second-largest city posted strong gains in sales.

No fewer than 44,448 housing units transacted in the Greater Montreal Area in 2017, an eight per cent increase over 2016. At the same time, housing prices increased by 6 per cent year-over-year to reach $364,500. At $467,500, housing prices on the Island of Montreal were significantly higher than the suburbs. (Still, compared to Toronto and Vancouver, housing prices in Montreal seem like a bargain.)

While single-family homes registered a three per cent increase in sales, condominium sales were up by 17 per cent in the Montreal region. In December alone, condo sales were up by 35 per cent.

Those robust housing returns have fuelled a sense of optimism, with some industry watchers in Quebec eager to proclaim that the housing market is on fire.

The newfound exuberance has also raised concerns about possible government intervention, like the foreign homebuyers’ taxes in Toronto and Vancouver, to guard against the housing price inflation in the future.

Already Valérie Plante, Montreal’s newly elected mayor, has broached the subject with Quebec’s minister of municipal affairs.

There are, however, a number of reasons to be skeptical that Montreal is indeed headed down the path of extreme housing price growth that has gripped the Vancouver and Toronto markets.


One reason that fears of price inflation are largely exaggerated is because Montreal’s gains so far have been relatively modest, and come after decades of muted growth.

Concern about the influence of foreign buyers also appears to be exaggerated, despite stronger sales in the high-end market.

In 2017, sales of homes over a million dollars were up by 20 per cent, and condominiums over half a million dollars reported a 42 per cent increase.

While the share of non-resident owned properties increased significantly from the level in 2016, Canada Mortgage and Housing Corporation reported that the difference in asking and sold prices were the same for foreign and domestic owners in Montreal, suggesting their impact on prices overall were not as great.

Housing starts are another reason to be skeptical of a bubble.

Unlike Toronto and Vancouver, where construction of new housing slowed down in 2017, Montreal experienced a big jump in housing starts that is likely to mediate housing price increases in the future. Last year, construction commenced on 24,756 housing units in the Montreal Census Metropolitan Area. Most of those units were condominiums.

Then there is the fact that the most distinguishing features of Montreal’s housing market — tenure and structure — also work against the potential for a bubble.


The city of Montreal proper is a city of renters where two-thirds of the households rent. Furthermore, apartments (including condominiums) account for 86 per cent of the housing stock.

Condominiums are smaller in size and are therefore relatively cheaper to own or rent. Households living in condominiums or apartments are also relatively smaller in size. The 2016 Census revealed that renters in Montreal, on average, spent $835 on housing-related costs that included rent and utilities.

With a majority of the housing stock in Montreal being apartments or condominiums and 59 per cent of the households being single-person households or couples without children, the prospects for a rapid increase in housing prices in Montreal are rather farfetched: Rental units and smaller-sized households are not the usual suspects for creating housing bubbles.

That said, the robust performance of housing markets in December is good news for Montreal. For decades, city’s housing market trailed behind those in Toronto and Vancouver. Even urban housing markets in Alberta accelerated at faster rates than Montreal when crude prices were high.

Instead of imposing new taxes, Montreal should focus on increasing the supply of housing to keep prices in check. One of new mayor’s campaign promises was to compel developers to set aside 40 per cent of the units in a new development for social and affordable housing. Developments with fewer than 50 units would have the option to contribute to a housing fund instead.

Plante may want to revisit her plans to increase affordable housing in Montreal. She is on the right track by focusing on housing supply. A less prescriptive approach to new housing developments is likely to increase the supply of regular and affordable housing.

Murtaza Haider is an associate professor at Ryerson University. Stephen Moranis is a real estate industry veteran. They can be reached at

13 Apr

House prices in Montreal continue their year-over-year ascent

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Posted by: Frederic Pichette

Median price of a two-storey home during first three months of 2018 was $492,751, an increase of 8.3 per cent from last year, Royal LePage says.

The limited number of houses on the market in Montreal is pushing prices up, said Georges Gaucher, the general manager of Royal LePage Village in Notre-Dame-de-Grâce.

“Inventories of two-storey houses and bungalows are low and when you have that phenomenon, what happens is people start bidding for houses,” he said.

The median price of a two-storey house sold in the Montreal area during the first three months of 2018 by Royal LePage was $492,751, the real estate firm said on Friday. That’s an increase of 8.3 per cent from the equivalent period the year before. 

The biggest gain was in the western part of Montreal Island, where the median price rose 14.4 per cent year-over-year to $549,226, an increase of 7.2 per cent from the previous quarter.

In central Montreal, prices were up 13.9 per cent, year-over-year, to $686,253, though that was only a slight increase from the last three months of 2017.

The median condo price in the region rose to $314,554, a 3.5 per cent year-over-year increase, according to the real estate firm.

The biggest increase was in central Montreal, where condo prices rose 5.4 per cent year over year to $382,902.

Royal LePage credited that growth to the shortage of single-family homes on the market pushing people to buy condos and the absorption of the supply of condos on the market.

With a strong local economy, Gaucher said he’s optimistic about the outlook for the city’s real estate market.

“We’re living in great times,” he said.

Another measure of house prices, released on Thursday, shows less growth.

The Teranet–National Bank House Price Index was up 4.27 per cent for the Montreal region in March, when compared to March 2017.

However the index, which compares the resale value of houses that have sold more than twice, was down 0.17 per cent when compared to February.

The Greater Montreal Real Estate Board, which released a report last week, put the price of a single family home in the Montreal region at $314,900, an increase of five per cent from March 2017.

On Montreal Island, according to the GMREB, the median price of a single family home in March was $463,000, up four per cent from the equivalent period the year before.

It said the median price of a condo sold on the island in March was $290,000, up less than one per cent from $289,500 in March 2017 and down three per cent from $300,000 in February.

The number of sales was up six per cent from 2017 in March, while the number of listings on the market was down 16 per cent, according to the GMREB.

5 Apr

Greater Toronto Area home sales dip 39.5 per cent from March 2017

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Posted by: Frederic Pichette

ara Deschamps , The Canadian Press
Published Wednesday, April 4, 2018 5:38AM EDT 
Last Updated Wednesday, April 4, 2018 10:40AM EDT

TORONTO — Canada’s largest real estate board said Greater Toronto Area home sales in March were down 39.5 per cent from a frenzied pace last year, as the market continued to feel the effects of cooling measures introduced at both the provincial and federal levels.

Both sales and price figures reported by the Toronto Real Estate Board on Wednesday dropped significantly from last year — what some observers consider a market peak –when home prices and sales skyrocketed and bidding wars became the norm, pushing the Ontario government to introduce a package of measures last April to cool the market.

That was followed by a financial stress test for buyers, which officially came into effect on Jan. 1 for federally regulated lenders, following an October announcement by the Office of the Superintendent of Financial Institutions. In addition, both variable and fixed-rate mortgage rates have risen over the past year as a result of moves by the Bank of Canada and fluctuations in the bond markets.

March’s sales figures were also down 17.9 per cent compared with averages over the last 10 years, while the number of new listings decreased by three per cent.

New sales listings totalled 14,866, representing a 12.4 per cent drop from last March, which helped to keep the market balanced between supply and demand. The low level of homes for sale helped keep prices in check, rising 2.2 per cent compared to February.

Sales also rebounded from the month before, leading BMO Capital Markets economists Robert Kavcic and Jennifer Lee to interpret the numbers as a sign that the market “is showing more signs of stabilizing.”

“While active listings are still more than double a year ago, we’re seeing a slow tightening of conditions off the mid-2017 lows,” they said, in a note Wednesday morning. “Keep in mind, too, that the market was drum-tight a year ago.”

However, when compared to last March, the average price of a home in the GTA was down 14.2 per cent to $784,558 last month, a decrease from the average of $915,126 in the same month last year.

Despite the decrease, TREB predicted home sales will be up relative to 2017 in the second half of this year.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time,” said Jason Mercer, TREB’s director of market analysis.

He said there was less than a month of inventory last year versus two and three months this year.

“It makes sense that we haven’t seen prices climb back to last year’s peak,” Mercer said. “However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings.”

26 Mar

West Island Living: How will the REM impact West Island property values?

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Posted by: Frederic Pichette

It’s anticipated West Island homes located near a new REM station will increase in value on the real estate market.

A new, high-speed, high-frequency public transportation link isn’t just an investment in transportation, but also a catalyst for development.

Greater Montreal’s planned new electric light-rail transit line, the Réseau express métropolitain (REM), includes seven stations planned for the West Island. Construction is set to begin on the line as soon as next month, with the first trains running by 2021 if all goes according to plan.

With construction comes noise, dust, traffic delays and other disruptions. But when the bulldozers, diggers and cement mixers show up, so do the developers and investors.

In cities like Vancouver, Chicago, and Portland, property values for homes and commercial real estate within a 15-minute walk of a commuter rail station rose starting around two years before completion. This boost in real estate values isn’t just due to the building of the station itself, but also how the neighbourhood develops around it.

Urbanist Paul Lewis, who is a professor at the Université de Montréal, said creating densely developed, diverse and walkable neighbourhoods within that one-kilometre radius of a station is critical to the success of the station, as well as the overall quality of life for people living and working nearby.

“When it’s beautiful and you have shade from trees, interesting buildings, cafes and terraces, it makes a walk more interesting. It also helps if there’s not too much traffic, and it’s also less dangerous,” said Lewis. “These are all the things that people think about when they decide whether to walk to a station or take a car.”

Université Laval economics professor François Des Rosiers said the market premium for properties near a commuter train station varies widely. His studies, as well as others in the field, have found it can vary from a low of around two per cent to over nine per cent. The most impressive increases are typically in areas that had not previously been served by an efficient transit system, he said.

“By and large what we can say is that the addition of a train station has a positive impact on houses that are nearby the stations,” said Des Rosiers.

Although most people depend on cars to get around the West Island, Century 21 realtor Angela Langtry said homes near the existing AMT train line already command a premium, and she expects the same will be true for homes near the REM. She said savvy developers, homebuyers and speculators are already eyeing properties near the proposed stations.

“Already the market in the West Island is on fire,” Langtry said. “We’re short on inventory, and we’re seeing a lot of multiple offers. Factoring in more accessible public transportation is just going to increase this.”

Langtry said she has also been hearing some sellers in the West Island are waiting longer to list their homes, anticipating that they may get more for their property after an REM stations is built nearby.

More information on the seven proposed West Island stations, Dorval (airport), Kirkland (Jean-Yves St.) , Pierrefonds-Roxboro (near Jean-Brillant Ave.), Sunnybrooke-Gouin Blvds., Pointe-Claire (Fairview Ave. and Sources Blvd.) and Ste-Anne-de-Bellevue (north of Highway 40), is on the REM’s website at

21 Mar

Housing prices in Montreal to keep rising until at least 2019: CMHC

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Posted by: Frederic Pichette

Montreal’s strengthening economy will boost full-time employment rates for people 25 to 44, CMHC says, which will drive demand for property

Housing prices will continue to rise in the Montreal region until at least 2019, according to a forecast released by the Canadian Mortgage and Housing Corporation on Thursday.

“Rising demand, combined with declining supply, will cause market conditions to tighten again and become increasingly favourable to sellers,” the report said. “Consequently, the growth in the average price of homes over the forecast horizon should be definitely higher than the annual average of the last few years, which was about 2.5 per cent.”

The crown corporation said it expects the higher demand for property to be driven by increasing full-time employment rates among people aged 25 to 44, the result Montreal’s strengthening economy. However, increasing mortgage rates could limit this.

Just how much prices will rise will depend on the type of property, CMHC said.

“The single-family home and plex markets should remain very favourable to sellers from now until 2019, which will increase the upward pressure on prices for these types of homes, while the condominium market will be on the fence between a balanced market and a sellers’ market over that period,” the report says.

CMHC expects the average price of a resale home in the region to be between $365,500 and $375,000 this year. It expects that to rise to between $379,500 and $406,000 in 2018 and to between $394,500 and $437,800 in 2019.

With demand increasing, CMHC expects the number of housing starts to rise.

That will be led by condominium and purpose-built rental construction, it said.

On the rental side, it expects to see builders focusing on seniors residences as well as ordinary rental properties, though a portion of those will be aimed at baby boomers, the CMHC said.

“In the condominium segment, construction will increase thanks to a strong demand, which will be supported by employment growth, and also to significantly lower inventories of new and existing condominiums on the market.”

While the CMHC said it expects single family home starts to rise, that will be limited by space.

The growing number of rental housing starts will lead to 4,000 new apartments being “added to the rental housing stock annually until 2019, or about twice as many as in 2016,” CMHC said.

That will push the vacancy rate up to 4.4 per cent, it said.

While immigration may reduce the vacancy rate, the rising number of rental condos is expected to push it up.

13 Mar

Number of homes sold for more than $1 million rises 20% in Montreal

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Posted by: Frederic Pichette

The number of properties sold in Montreal for more than $1 million rose 20 per cent from 2016 to 2017, according to a new report published by Sotheby’s International Realty Canada.

The number of properties sold in Montreal for more than $1 million rose 20 per cent in 2017, according to a new report published by Sotheby’s International Realty Canada, based on data from real-estate boards.

A total of 734 properties sold for more than $1 million, according to the report, up from 613 the year before, with growth limited by the available supply.

It’s the second year in a row that the “top-tier” market has seen similar growth: the number of properties sold for more than $1 million rose by 23 per cent in 2016 compared with 2015.

While Montreal has always had a well-developed real-estate market, it has been held back by fears of political instability, said Brad Henderson, the president and CEO of Sotheby’s International Realty Canada.

That perception is changing.

“Over the last number of years, the political situation has been very predictable and very stable, and I think that’s gained a lot of confidence from businesses and consumers and a willingness to look at Montreal on a more positive note,” he said. “The hyper growth of real-estate prices in Vancouver and Toronto have made Montreal a comparison bargain in terms of real-estate values, and that’s not just for investors — it’s also for developers and homebuyers.”

 At the highest end, the number of homes that sold for more than $4 million rose from nine in 2016 to 12 in 2017, a 33-per-cent increase, the report found.

The number of condos selling for more than $1 million also rose, to 122 from 82, a 49-per-cent increase. Of those, two sold for more than $4 million.

“The demand for residential real estate in Montreal is from people who live and work in Montreal more than it is foreign investment. It is the health of the Montreal economy. It is the stability of the Montreal job market that is contributing to the demand for growth,” Henderson said.

In Westmount, the average selling price of a single-family home in November was $3,230,286. The Town of Mount-Royal and Outremont also had average selling prices of more than $1 million in November.

“The first and foremost rule of real estate is that it’s location, location, location, and so it’s not surprising that places in Westmount, Mount-Royal or Outremont are going to be higher demand and, as a consequence, are going to have buyers who are expecting higher quality, and that means higher ceilings, potentially more glass, potentially more smart, intelligent systems inside the home and a lot more amenities available either in the building or in the local area,” Henderson said.

17 Feb

Housing price increase caused by lack of supply: CMHC report

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Posted by: Frederic Pichette

Housing price increase caused by lack of supply: CMHC report

Toronto and Vancouver’s real estate markets have responded to surging prices and a growing demand for homes with a supply of new housing that is “significantly weaker than other Canadian metropolitan areas.”

The disparity between supply and demand has been largest in the two cities, but “we do not fully know why this is the case,” said the Canadian Mortgage and Housing Corporation, in a report it released Wednesday on escalating house prices in the country’s large metropolitan centres between 2010 and 2016.

Data gaps are keeping CMHC from developing a full picture of why Montreal, Calgary and Edmonton don’t have as big of an inconsistency between supply and demand as Toronto and Vancouver do, but CMHC’s deputy chief economist Aled ab Iorwerth said he has noticed Calgary and Edmonton responding to demand with “horizontal sprawl.”


As for Montreal, he said “they already have a large rental sector, there is perhaps an acceptance of living in denser housing there and they seem to be more ready to convert industrial land into housing.”

Helping housing supply catch up to demand in any of the country’s major cities will involve combating urban sprawl and increasing densification, while dealing with affordability, infrastructure and environmental issues, said CMHC’s report.

It also noted that a lack of supply in Vancouver and Toronto had buyers gravitating towards condos — which were more plentiful and have seen a spike in investor demand — as well as high-end homes. Almost all the growth that CMHC saw in prices came from expensive, single-detached homes.

“While Toronto and Vancouver showed large and persistent increases in prices, there was only modest price growth in Montreal,” the report said. “Home prices in oil-dependent Calgary and Edmonton ended the period slightly higher.”

Between 2010 and 2016, CMHC found house prices jumped by 40 per cent in Toronto, with 40 per cent of that rise attributable to growth in jobs, population, disposable income and previously low mortgage rates.

Those factors contributed to 75 per cent of the 48 per cent increase Vancouver saw in the same time frame.

Understanding major Canadian markets posed a “persistent challenge” for CMHC because of the impact many realtors and economists believe foreign investors are having on the market.

CMHC has previously said 52 per cent of the buyers who purchased a home recently in Toronto or Vancouver believe foreign buyers are having an influence on home prices in those centres.

The latest data from Statistics Canada shows 4.9 per cent of Vancouver residential properties are owned by non-residents and 3.4 per cent of Toronto residential properties are owned by non-residents.

CMHC said, “Even though official data on non-resident owners appears low, it is possible that the perceived impact of their presence could alter expectations of domestic homebuyers on the price they should pay to secure the purchase of a home.”

2 Feb

Chinese millionaires ‘lined up’ to buy Montreal real estate: expert

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Posted by: Frederic Pichette

The biggest reason the city has been overlooked by foreign property investors so far is taxation and regulation, analyst Richard Kurland says.

Record-breaking sales numbers. Bidding wars. A growing number of buyers from China. As a lifelong Vancouverite who left for Montreal two years ago, it all leaves me with a feeling of déjà vu.

In Vancouver, the boom began with bidding wars in tony neighbourhoods with million-dollar mansions, but the impact eventually rippled throughout the metropolitan area.

Today you are lucky to find a million-dollar teardown in Vancouver.

Between 2005 and 2017 in Vancouver, house prices increased more than 173 per cent. In Montreal today, the median price of a detached home on the island is just under half a million dollars. In Vancouver, it’s almost $3 million. Yet the median family income is similar in both cities. In Vancouver, it’s just under $80,000, compared with $77,000 here in Montreal.

But Montreal is not Vancouver, or Toronto, for that matter. Most analysts I spoke to say they don’t believe house prices will climb quite as high here. We are not locked on a finite piece of land like Vancouver is. We don’t have as many high-paying corporate jobs as Toronto does.

And the biggest lid on speculation might be the thing Montrealers hate even more than a seemingly endless winter: bureaucracy.

According to immigration lawyer and policy analyst Richard Kurland, the biggest reason Montreal has been overlooked by foreign property investors so far is taxation and regulation.

While B.C. regulators seemed to turn a blind eye to speculators exploiting the system, Quebec has shown the muscle to crack down on shady dealings through its own provincial tax collection system, Kurland said.

But now governments in B.C. and Ontario are imposing new taxes on foreign buyers and beginning to enforce existing regulations on property ownership to ensure these buyers pay their fair share of taxes. As a result, Montreal is looking more attractive, he said.

“I expect to see Vancouver investments slide sideways, but that money’s got to go somewhere,” said Kurland. “It makes it more logical to consider other destinations like Montreal.”

Kurland, a former Montrealer now based in Vancouver, has advised the federal government on immigration issues since the 1990s. He said it is all but inevitable that Montreal will see increasing interest from Chinese buyers, thanks to an exponential increase in millionaires in China, and a commitment to immigration that all but guarantees a flow of up to 2,000 new millionaires per year arriving in Quebec from overseas.

Under Quebec’s investor program, immigrants with more than $1.6 million in net assets can settle in Quebec if they agree to invest a minimum of $800,000 over a five-year term. Between May 2017 and February 2018, the province planned to accept up to 1,900 applications through this program, with as many as 1,330 to come from China, Hong Kong and Macau.

“The number of millionaires who want to escape Chinese pollution is so big that they are willing to pay big bucks to access Canadian status,” Kurland said. “They are not bad people, and their source of funds is legitimate. They just want a better life for their kids.”

Now that Quebec has tightened up regulations to prevent millionaires from coming here and rapidly trampolining to Vancouver or Toronto, Kurland said the wealthy immigrants who land here are even more likely to invest in high-end residential property.

“It doesn’t matter to them if they pay $1.7 million or $2.3 million for a home,” Kurland said. “Folks from Hong Kong see the prices here as a joke. It’s so much cheaper here.”

According to Kurland, accepting 1,000 millionaires a year into Quebec from China barely makes a dent in the millionaire supply, because there are many, many more families in the queue waiting for their applications to be reviewed.

“There’s a supply of buyers — millionaire buyers — lined up,” Kurland said. “It’s the golden heart of the demand for Montreal property.”

With a limited supply of housing here for those used to millionaire lifestyles, Montrealers can expect the price of luxury real estate will likely go up, Kurland said.

And indeed, the hot streak in Montreal real estate has, by all accounts, been fuelled by sales of luxury homes.

In 2017, on the island of Montreal, 1,338 single-family homes were sold with a list price between $700,000 and $5 million. While overall sales rose eight per cent over the previous year, Centris data reveals that sales spiked by 19 per cent for homes between $500,000 and $700,000 and by 30 per cent in homes listed over $700,000.

Analysts at Statistics Canada, the Canadian Mortgage and Housing Corporation and the Quebec Federation of Real Estate Boards have all been working in recent months to quantify just how many non-resident buyers from other countries are investing in Canadian real estate.

In most Canadian cities, they found the number of transactions involving buyers with a home address in another country is less than one per cent, with a high of almost five per cent in Vancouver, three per cent in Toronto and less than two per cent in Montreal.

The numbers might seem small, but it is a mistake to say the impact is insignificant.