{"id":7257,"date":"2017-10-27T10:10:34","date_gmt":"2017-10-27T17:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7257"},"modified":"2017-10-18T11:50:00","modified_gmt":"2017-10-18T18:50:00","slug":"out-of-town-homebuyers-have-driven-vancouver-prices-up-5-10","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/out-of-town-homebuyers-have-driven-vancouver-prices-up-5-10\/","title":{"rendered":"Out-of-Town Homebuyers Have Driven Vancouver Prices Up 5-10%"},"content":{"rendered":"

Purchases of homes across Greater Vancouver by those from outside the region have driven up both home prices and rents by 5-10%, according to a joint UBC Sauder School of Business-New York University study, Out-of-Town Home Buyers and City Welfare.<\/p>\n

By comparison, out-of-town buyers in New York are associated with a more modest home-price increase of 1.1% and rent increase of 1.6%.<\/p>\n

Because the home ownership rate is around 65% in Vancouver, Sauder School professor Jack Favilukis said they had expected the benefits of these price increases to outweigh the cost, but found this was not the case.<\/p>\n

\u201cWe were wrong,\u201d he said in a Q&A published on UBC\u2019s website October 18. \u201cWhile indeed, older households who own their home do benefit handsomely after out-of-towners show up, this benefit is not enough to offset the cost to others.<\/p>\n

\u201cPoorer households, younger households and renters, despite being a minority, are more negatively affected because it is much more expensive for them to pay for housing going forward.\u201d<\/p>\n

The 15% foreign-buyer tax implemented last year is \u201cbetter than doing nothing,\u201d Favilukis said, but there would be better ways of promoting affordability.<\/p>\n

\u201cSome policies are better than others, and I think the foreign-buyers tax is one of the least attractive options,\u201d he said. \u201cOne reason is that, while it discourages future buyers, anyone who has already bought, and who is already taking housing away from the local market, suffers no consequences.\u201d<\/p>\n

Favilukis said economists at UBC\u2019s Vancouver School of Economics proposed a better approach last year; this approach proposed a tax targeting property owners without ties to the local economy.<\/p>\n

For the purposes of the new study, the authors assumed 10% of homes in Vancouver are purchased by out-of-towners, but this was just an estimate, the authors said, as there isn\u2019t any concrete data available.<\/p>\n

Click here<\/a> to view the full UBC-NYU study.<\/p>\n

UBC Study : Out-of-Town Homebuyers Have Driven Vancouver Prices Up 5-10%<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Purchases of homes across Greater Vancouver by those from outside the region have driven up both home prices and rents by 5-10%, according to a joint UBC Sauder School of … [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-7257","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nOut-of-Town Homebuyers Have Driven Vancouver Prices Up 5-10% • 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=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/out-of-town-homebuyers-have-driven-vancouver-prices-up-5-10\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" 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