examines non-resident ownership based on whether the single owner or one of the owners of the property does not live in Canada. Newly-constructed condos in Vancouver especially attracted the foreign market: 19 per cent of condos built between 2016 and 2017 were owned or partially owned by non-residents. In Toronto, Canada’s other hot housing market, that number was 7.6 per cent.
Real estate economist Tom Davidoff, of the University of British Columbia’s Sauder School of Business, said the numbers show that Vancouver remains popular for residents even after the foreign-buyers tax was implemented in 2016. The data doesn’t show the same kind of value gap between non-resident owned single-detached homes in Ontario and those owned by residents, but the gap widens when it comes to newer units, especially condominiums.However, he predicted the luxury home market has already been affected by all those taxes, including the foreign-buyers tax, empty homes tax and the speculation tax, and the impact will continue among out-of-town buyers.
Both rates are higher in the Vancouver and Toronto areas. In the Vancouver area, nearly 5 per cent of the properties are solely possessed by non-residents, compared to 2.5 per cent in the Toronto area.
GlobeBC This is not the problem. Restricting the supply of rentals and properties and developments are the problem.
GlobeBC Sell outs to their own people. Traitors!
GlobeBC That can't be a good sign!
GlobeBC Not shocking. BC's whole economy for as long as I can remember has been exporting housing and importing foreign wealth.
GlobeBC No wonder we have a housing crisis in BC. BC Liberals allowed this to happen.