Housing market data: Vancouver condos most popular with non-resident owners
Published Tuesday, March 12, 2019 1:45PM PDT
Last Updated Tuesday, March 12, 2019 6:52PM PDT
Housing market data released Tuesday suggests the most popular properties with non-resident owners are condos located in Metro Vancouver.
A report from Statistics Canada and the Canada Mortgage Housing Corporation looked into the percentage of properties with at least one owner whose primary home is not in Canada. The numbers show how foreign dollars are shaping B.C.’s real estate market. On average non-resident homes are newer, more expensive, and more likely to be in Vancouver.
The data suggested 11.2 per cent of Vancouver condos are owned by non-residents. When looking at all housing types, 7.6 per cent of properties in the area are non-resident-owned.
Vancouver has the highest percentages for both categories of the Canadian housing markets examined in the study.
Unsurprisingly, Toronto comes second.
On a provincial level, British Columbia also leads the country when it comes to foreign ownership.
Just over 10 per cent of B.C. condos are owned by non-residents, and 6.2 per cent of all property types. In Ontario, non-resident owners hold 3.3 per cent of all properties and 6.1 per cent of condos.
CMHC also highlighted the Nova Scotia housing market, where 6.2 per cent of properties are owned by people who live elsewhere. However, because the percentage of properties is higher outside of Halifax, CMHC said non-resident ownership is likely more prevalent for vacation properties.
Where are the foreign-owned homes?
Among the foreign-owned single-detached homes in Metro Vancouver, one of every five is located within the City of Vancouver.
When it comes to condos, almost half of those owned by people who live outside of Canada are in Vancouver, followed by Richmond then Burnaby.
Foreign-owned properties worth more
The report also compared the assessed value of properties owned by residents and non-residents, and found that in some places the gap represents thousands of dollars.
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.
When it comes to detached homes across B.C., the difference is $236,000 – a number 36.7 per cent higher than the median value of a resident-owned house.
In Vancouver proper, the average difference in value is $1.1 million.
Other statistics highlighted in the report include that the percentage of non-resident owners is highest for homes built in Vancouver between 2016 and 2017 (15.3 per cent).
They own 11.2 per cent of homes constructed between 2011 and 2015, and less than six per cent for homes built between 1961 and 1990.
Further details are available on the CMHC website, through the Canadian Housing Statistics Program.