While there is a common perception that overseas buyers have snapped up much of Metro Vancouver real estate, the number of homes owned purely by non-residents across the region is 4.9%, and when you add the homes that are jointly owned by a mix of Canadian and non-residents you can add another 2.9% for a total for 7.8%.
However, the proportion of non-resident + mixed non-resident ownership varies dramatically when broken out by property type. Single-family homes are 3.2% + 2.5% for a total of 5.7%, compared to condos where 8.3% + 2.9% with a combined total of 11.2%.
It was also found that pre-sale condos owned purely by overseas residents are about 15.6% and an additional 3.6% owned by mixed non-resident owners for a total of 19.2%.
So we have learned that about 1 in 5 of the affordable presale condos built in Metro Vancouver has been purchased by at least one overseas buyer.
I wonder how this number would increase if we didn't spread them throughout Metro Vancouver and focused on just Richmond and Vancouver? Somewhat higher I would suggest. How many of this 19.2 % of affordable homes were picked up by speculators and re-sold for a dramatically higher price, now beyond our first-time buyers' affordable range?