4 ms·

Well they do have stats and the stats say that foreign buyers account for about 3%.

• jacobn 8y ago
  Of buyers or total ownership $ or units?
• Tiktaalik 8y ago
  That was old data that was apparently severely understated. https://www.theglobeandmail.com/real-estate/vancouver/article-previous-housing-data-understated-amount-of-non-resident-buyers-in/ https://www.theglobeandmail.com/real-estate/vancouver/articl...
• dgudkov 8y ago
  I suspect it's only those who are explicitly foreign. Many real estate deals are made through Canada-registered corporations behind which there can be anybody - Canada doesn't track real beneficiaries. The situation has become so dire, that the federal government will spend C$200mln in the next 5 years to fight money laundering in the country, and first of all - in real estate.
  • dblohm7 8y ago
    BC is going to start tracking this. It was just unveiled last week.
• sonnyblarney 8y ago
  It's more than 3% - but it only takes a small number of price-insensitive buyers to totally upend the real estate market. There is no underlying price for real estate. If it were corn, the would be the cost of production as a basis. But for real estate, the only way to set price is benchmarking off the sale down the street. So when a small number of buyers just 'don't care' about price, they effectively establish the price for everyone else. Foreigner should not be able to buy property in other countries unless they pay major taxes there. Property is only valuable because of the various factors that go into making civil structure: defence, security, legal regime, waters, roads, bridges - even the rest of culture. 'Vancouver real estate' is valuable because of what Vancouver is, made by Vancouverites and Canadians. Only taxpayers and community contributors should be able to own land.