A report has revealed that the share of Canadian homes owned by foreigners is not as big as what people previously thought, reports Global News (21 December 2017). The report by Statistics Canada and the Canada Mortgage and Housing Corporation show that non-residents only own 7.9% and 7.2% of condominium apartments in Metro Vancouver and the Toronto area, respectively. "There has always been one fundamental truth in the housing market: access to cheap loans drives up prices,” said Carrie Law, CEO of Juwai.com. Law also shared that foreign property buyers are beneficial for first-time buyers’ in Canada.“They like new buildings, and their pre-construction commitments give developers the security they need to build projects that also house many first-time buyers,” said Law.