Do non-residents only own 4.9% of Metro Vancouver homes?


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?

Just thinking??


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.