housing
NOT A FOREIGN CONCEPT: FEW NON-CANADIANS BUYING HOMES IN VANCOUVER
Like job and population growth, interest rates, and the sporadic government interventions into our housing market, foreign buyers do play a role — though it continues to be small one.
The latest data on the magnitude of foreign purchases in Metro Vancouver, from December 2019, indicate that only 1.5% of all sales in that month were to non- Canadian citizens (57 of 3,750 sales). This is similar towhat was seen over the entire course of 2019, when there were 765 purchases by foreign buyers out of 48,428 total sales regionally, for a rate of 1.6%. In addition to the role of foreign buyers in Metro Vancouver’s residential real estate dynamic being minimal, foreign buyers are
almost entirely staying out of the Greater Victoria andFraserValleymarkets: therewere only 58 sales to foreign buyers in all of Greater Victoria in 2019, while the numbers are so small in the Valley that they are suppressed. The influence of foreign buyers has long been established to be minimal. We ought to be much more focused on the impact that other factors have on our market, like rising incomes, population growth, and macro- economic changes.
NO OFF-SHORE LOVE AFFAIR: VANCOUVER’S MIDDLING FOREIGN BUYER SHARE
3.2%
2.8%
2.8%
2.8%
1.9%
1.6% 1.6%
1.5%
1.4%
1.2%
1.2%
n/a JAN
n/a APR
DEC
FEB
MAR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Fraser Valley
-
-
-
0.0%
-
-
-
-
-
-
0.0%
0.0%
0.0%
Victoria
-
-
1.6%
-
1.6%
0.8%
0.8%
1.0%
1.0%
0.8%
-
-
-
SOURCE: BC MINISTRY OF FINANCE DATA: SHARE OF RESIDENTIAL SALES TO NON-CANADIAN CITIZENS (FOREIGN BUYERS)
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