Is it true that “foreign Investors are driving up the price? “

Here is the feedback by Andrew Peck-Canadian Real Estate Association director about the recent hot topic.

“average person believes that foreign investors are driving up the price of real estate in the Lower Mainland.”

This belief is likely being driven by anecdotal evidence and not the facts.

A recent report by economist Ryan Berlin looked at data from B.C. Assessment, a Crown corporation that provides yearly independent property assessments for all B.C. property owners For 2010, of 55,512 sales in B.C., a total of 195 residential properties were bought by people outside of Canada (or had assessment mailed outside of Canada).

This accounts for just 0.4 per cent of all sales. Berlin found the data for 2009 told the same story. Of 63,226 sales, just 360 or 0.6 per cent were bought by people outside of Canada.

As to the theory that some foreign investors were using Metro Vancouver addresses, the Real Estate Board of Greater Vancouver, which conducts monthly surveys of its 10,500 members, consistently finds that between 3 and 3.5 per cent of all buyers are foreign buyers. Maybe the reason politicians aren’t touching this hot potato is because it’s hot air.

Andrew Peck Canadian Real Estate Association director

Read more: http://www.abbotsfordtimes.com/business/potato+vanishes+into+thin/7222956/story.html#ixzz27nCICwDJ

 

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