Non-residents scoop up pricey properties in B.C

13 Mars, 2019, 08:08 | Auteur: Auguste Feret
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The information is contained in a Canada Mortgage and Housing Corporation housing market insight report which also found that non-residents - defined as someone who doesn't have their principal residence in Canada - tend to own more expensive properties than residents, especially in Vancouver.

The report says properties that have at least one non-resident owner amount to 6.2 per cent in B.C., with 3.7 per cent owned by non-residents only.

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 figures, one industry watcher says, show B.C.'s foreign-buyers tax hasn't entirely dampened worldwide interest in the B.C. housing market.

Homes owned only by non-residents of Canada accounted for 2 per cent of residential properties in Ontario.

In that case, Greater Victoria's 5.2 per cent average breaks down to 2.9 per cent of households being non-residents only, while 2.3 per cent are a mix of residents and non-residents.

In Nova Scotia, foreign buyers aren't interested in the city, with picturesque places like Cape Breton Island and the province's south shore driving up overall rates of non-resident ownership.

Just over 10 per cent of B.C. condos are owned by non-residents, and 6.2 per cent of all property types. Non-residents own less than 6 per cent of condos built between 1961 and 1990. However, because the percentage of properties is higher outside of Halifax, CMHC said non-resident ownership is likely more prevalent for vacation properties.

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Where are the foreign-owned homes?

Detached homes are pictured in Vancouver, B.C., on March 4, 2019.

When it comes to condos, nearly half of those owned by people who live outside of Canada are in Vancouver, followed by Richmond then Burnaby.

In the City of Vancouver, the median assessment value of a non-resident-owned condo is $96,000 higher than condos owned by residents who live in Canada.

Compiled by the Canadian Housing Statistics Program, the report outlines the differences between non-resident owners and non-resident participation in the B.C. housing market, and whether assessments vary depending on the type of ownership.

In Vancouver, the difference in ownership is most extreme when it comes to new condos: 19.2 per cent of condos built in 2016 and 2017 are owned by non-residents. However, CMHC and Statistics Canada analysts explained Tuesday that the data the agencies have collected so far doesn't yet cover enough time to see whether those policies are having the desired effect.

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