{"id":11952,"date":"2019-03-24T11:11:37","date_gmt":"2019-03-24T18:11:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11952"},"modified":"2019-03-12T19:20:49","modified_gmt":"2019-03-13T02:20:49","slug":"non-residents-own-4-9-of-metro-vancouver-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/non-residents-own-4-9-of-metro-vancouver-homes\/","title":{"rendered":"Non-Residents Own 4.9% of Metro Vancouver Homes"},"content":{"rendered":"

While there is a common perception that overseas buyers have snapped up much of Metro Vancouver real estate, the number of homes owned purely by non-residents across the region is 4.9%, according to a study of Statistics Canada data by Canada Mortgage and Housing Corporation (CMHC), published March 12.<\/p>\n

Including homes that are jointly owned by a mix of residents of Canada and non-residents \u2013 such as a satellite family where one spouse is resident in Canada, or a local student who jointly owns a home with their overseas parents \u2013 adds another 2.9%. This brings the total proportion of Metro Vancouver homes with some \u201cnon-resident participation\u201d to 7.6%, said CMHC.<\/p>\n

However, the proportion of non-resident ownership varies dramatically when broken out by property type and by year of construction.<\/p>\n

Just 3.2% of Metro Vancouver\u2019s single-family homes were owned entirely by foreign nationals, while an additional 2.5% of detached houses were jointly owned by a mix of residents and non-residents.<\/p>\n

This compares with condos, where 8.3% were found to be owned entirely by overseas residents, and a further 2.9% by a mix of Canadian residents and non-residents. This brings the total share of Metro Vancouver condos with some \u201cnon-resident participation\u201d to 11.2%.
\n\"\"<\/a>
\nSource: CMHC\/Statistics Canada<\/p>\n

The share of the region\u2019s condos owned purely by overseas residents was found to increase dramatically among newer units, rising to a peak of 15.6% in condos built in the frenzied 2016\/2017 market. An additional 3.6% of those 2016\/17-constructed condos are jointly owned by a mix of Canadians and overseas nationals.<\/p>\n

This means slightly fewer than one in five Metro Vancouver condos built during this two-year market peak was purchased by at least one overseas buyer.
\n\"\"<\/a>
\nSource: CMHC\/Statistics Canada<\/p>\n

CMHC found that the median value of homes owned by non-residents in Metro Vancouver and across BC was higher than the median value of homes owned by Canadian residents.<\/p>\n

The largest assessed value difference between non-resident and resident-owned detached houses is $1,580,000 (31.2%) in the Metro Vancouver Electoral Area A, which includes UBC and the University Endowment Lands. Vancouver proper saw the second highest value difference, with the median non-resident-owned detached house valued at $1.1 million more than those owned by Canadian residents (22.3% higher).<\/p>\n

The non-resident-owned median assessment value of a single-detached house in British Columbia was $236,000, or 36.7%, higher than the median-valued resident-owned property in BC.<\/p>\n

Aled ab Iorwerth, deputy chief economist at CMHC, said, “The data allows us to better understand the role of non-residents as a component of demand in Canadian housing markets, a topic that is of public interest in terms of the source of funds and the investment behaviour associated with such properties.\u201d<\/p>\n

CMHC : Non-Residents Own 4.9% of Metro Vancouver Homes, Much Higher in New Condos<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

While there is a common perception that overseas buyers have snapped up much of Metro Vancouver real estate, the number of homes owned purely by non-residents across the region is … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11952","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nNon-Residents Own 4.9% of Metro Vancouver Homes • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2019\/03\/non-residents-own-4-9-of-metro-vancouver-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Non-Residents Own 4.9% of 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