July 26, 2016 3:14 pm
Updated: July 26, 2016 4:23 pm

Foreigners bought 10.9% of Vancouver real estate between June and July

The Province has released new numbers from B-C's inflated housing market and it appears there are more foreign buyers than first thought. Keith Baldrey has the details.

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Updated figures from the province of B.C. show that foreigners invested $1 billion into B.C. residential real estate over a five-week period from June to July, 2016.

A total of $885 million of that number, or 86 per cent, flowed into Metro Vancouver.

Data shows there was a total of 19,383 real estate transactions in the province between June 10 and July 14, 1,276 of which were from foreign nationals, totaling 6.6 per cent.

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READ MORE: B.C. to bring in 15 per cent foreign buyer tax: Finance Minister

Today’s number is an increase from the original 19-day period in June reported by the province of which they said 3.3 per cent of B.C. purchases were by foreigners.

The regions where foreign investment made the biggest impact were Richmond at 18 per cent and Burnaby at 17.7 per cent.

READ MORE: Foreign buyer tax will not apply to purchases of pre-sale condos

In Metro Vancouver, where 49.7 per cent of the real estate transactions took place, 10 per cent were from foreign buyers, totaling $885,393,737 out of $8.8 billion.

The province says the average investment by a Canadian citizen or permanent resident in Metro Vancouver was $911,425 whereas foreign buyers spent on average $946,945.

The breakdown by municipalities for number of real estate transactions made by foreigners:

  • Metro Vancouver: 9.7 per cent (10 per cent of $ value)
  • City of Vancouver: 10.9 per cent (10.4 per cent of $ value)
  • Richmond: 18.2 per cent (19.1 per cent of $ value)
  • Surrey: 8.4 per cent (8.4 per cent of $ value)
  • Burnaby: 17.7 per cent (15 per cent of $ value)

Metro Vancouver accounted for 73.3 per cent of all foreign transactions, and 86.5 per cent of foreign investments, in the province.

Outside of Metro Vancouver, foreigners accounted for 3.5 per cent of the number of transactions and 3.4 per cent the value of transactions.

Specific data for types of properties, such as detached homes or condos, was not available.

© 2016 Global News, a division of Corus Entertainment Inc.

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