B.C. stats show foreign capital accounted for 2.92 percent of Metro Vancouver residential sales over 11 months

Dated: January 10 2019

Views: 19

B.C. stats show foreign capital accounted for 2.92 percent of Metro Vancouver residential sales over 11 months

  • The perception is that foreign buyers are snapping up residential real estate, but this hasn't been born out by B.C. government statistics this year.
2 of 2
  • The perception is that foreign buyers are snapping up residential real estate, but this hasn't been born out by B.C. government statistics this year.STEPHEN HUI

Last August, respondents to an Insights West poll in August identified four "primary causes" affecting the real-estate market.

They were, in order of responses, foreign homebuyers (84 percent), population growth (80 percent), shadow flipping (76 percent), and money laundering (73 percent).

But recently released B.C. government statistics suggest that foreign capital is not nearly as significant in the residential market as many might believe.

From January to November of 2018, foreign capital was involved in only 1,438 of the 49,210 transactions in Metro Vancouver.

That's only 2.92 percent of all transactions. The percentage rose to 4.07 percent in November when the market was exceptionally slow. (This information was initially disseminated over Twitter by former Statistics Canada employee Victor Wong.)

The chart below was taken from the DataBC website.

The tiny grey bars at the bottom represent purchases using foreign capital.
The tiny grey bars at the bottom represent purchases using foreign capital.
Blog author image

Steven Axford

Steve is a award winning Realtor in Victoria BC, with his listings selling faster and for top dollar! Growing up in Victoria, BC and has always been active in his community. Steve is a Victoria Couga....

Latest Blog Posts

´╗┐The 2021 Victoria real estate market year in review

The 2021 Victoria real estate market year in reviewA total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December

Read More

No change on the horizon for the Victoria real estate market

December 1, 2021  A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9 per cent fewer than the 795 properties sold in November 2020 and 12.3 per cent

Read More

A greater commitment to development required to balance local housing market

October 1, 2021  A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent

Read More

CMHC says annual pace of housing starts in Canada slowed in July

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in July fell compared with June.The national housing agency says the annual pace of starts fell to 272

Read More