Foreign condo owners scarce in Vancouver, Toronto

Ottawa

FEW condominiums in Vancouver and Toronto are owned by foreigners, according to a survey by Canada's housing agency, suggesting there's little risk a housing-market crash could be triggered by a quick drop in the global economy.

Global investors owned just 2.4 per cent of condos in Toronto and 2.3 per cent in Vancouver, Canada Mortgage & Housing said on Wednesday, citing a new survey of property managers. The percentage was lower in all other cities.