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In Vancouver it was over 5%. In some suburbs - Burnaby and Richmond - (not neighbourhoods) it was over 15% of purchases. When you consider that most of these pu
by soperj 9y ago
In Vancouver it was over 5%. In some suburbs - Burnaby and Richmond - (not neighbourhoods) it was over 15% of purchases. When you consider that most of these purchasers aren't selling houses at the same time, then it becomes an even bigger % of actual demand.
edit: just looked at the stats. Metro Vancouver was at about 12.5% of sales, and Richmond was at nearly 25% of sales before they put in the foreign buyers tax.
- mistermann 9y agoAnd how many of the "domestic" buyers are fueled by capital originating in China?
- ericd 9y agoThis is a very good point - many normal purchasers will be selling a house at the same time that they're buying one, so there's a net zeroing in additional housing demand. Renters who are buying a house will leave a rental unit open, and cause a tiny decrease in rent prices. But investors frequently just take housing off the market, and contribute to a shortage. And as with most life necessities, housing is somewhat inelastic in terms of demand, so shortages cause skyrocketing prices.