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CMHC’s plan now is to produce a more comprehensive report by the fourth quarter of this year, says chief economist Bob Dugan, capturing not just condominiums but all forms of residential property. Gathering the data requires co-operation on the part of everyone from provincial property registries to local realtors—not all of whom are eager to shed light on their lucrative sources of new-found income.It might also require a better understanding of who constitutes a “foreign owner.” The CMHC’s current definition—an owner who does not reside in Canada—excludes all kinds of domestic arrangements under which foreigners purchase homes abroad, suggesting the recent condo numbers understate the influx of outside buyers.Or with Chinese Canadians who spend part of the year outside the country?Yet even the crudest measurements suggest a breathtaking upsurge in interest that would rate Canada’s big cities on par with London and New York in the eyes of Chinese buyers.In Vancouver, for instance, foreign ownership of condos built before 1990 stands at just two per cent.For structures completed since 2010, that number climbs to six per cent.

They could be considered the main engine of Canada’s stop-and-go economy, and for those along for the ride—builders, property lawyers, revenue-hungry local politicians—the question isn’t so much what Chinese buyers are doing to the Canadian property market. How far we’ve travelled down this bejewelled highway is only starting to come clear.

Other analysts have dismissed the estimate, which Routledge produced by combining U. foreign investment figures with a survey of property ownership among 77 affluent Chinese people.