housing
LOCAL FUNDAMENTALS GUIDING THE MARKET
While the debate around the impact of foreign buyers in Metro Vancouver rages on, the data continue to tell a singular story.
With somanyCovid-induced changes having transpired—and continuing to evolve— across our society, our economy, and our housing market, the one constant through it all has been the role played by foreign buyers in the Metro Vancouver housing arena. And to be clear, the role continues to be minimal. The latest data on foreign home purchases in Metro Vancouver (that is, home purchases by non-Canadian citizens, regardless of where they reside) show that foreign buyers accounted for 1.9% of all
sales in July 2020, up slightly from June’s 1.6% but below the high for 2020 from January (2.5%). All in, there have been 530 home purchases by foreign buyers in the first seven months of 2020, equivalent to 75 per month, on average, out of an average of 4,268 residential sales. Like it or not, the path forward for the region’s housing market will continue to be dependent on local buyers.
VANCOUVER FOREIGN BUYERS REMAIN SCARCE
3.5%
3.2%
3.0%
2.8%
2.8%
2.5%
2.5%
2.0%
1.9%
1.9%
1.8%
n/a
1.6%
1.6%
1.6%
1.5%
1.5%
1.5%
1.4%
1.4%
1.2%
1.2%
1.0%
0.5%
n/a
0.0%
FEB MAR APR MAY JUN JUL
AUG SEP OCT NOV DEC JAN
FEB MAR APR MAY JUN JUL
90 85 nr
57 78 58 73 131 86 50 57 129 61 69 56 61 63 91
FB SALES COUNT
SOURCE: BBC MINISTRY OF FINANCE DATA: SHARE OF RESIDENTIAL SALES TO NONCANADIAN CITIZENS FOREIGN BUYERS
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