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

Dated: January 10 2019

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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.
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  • 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.
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Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

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