Advertisement

Foreigners prefer newer condos in Metro Vancouver: study

A Canada Mortgage and Housing Corporation economist says 10.4 per cent of condos in B.C. have at least one non-resident owner.
A Canada Mortgage and Housing Corporation economist says 10.4 per cent of condos in B.C. have at least one non-resident owner. THE CANADIAN PRESS/Darryl Dyck

New data from Statistics Canada and Canada Mortgage and Housing Corporation show non-resident homeowners prefer Metro Vancouver.

CMHC economist Eric Bond says “non-residents tend to own properties that are more newer and more valuable, particularly so for condominium apartments.”

READ MORE: Vancouver housing market Spring predictions

He says 10.4 per cent of condos in B.C. have at least one non-resident owner.

That number jumps to 11.2 per cent for condos in the Vancouver area, adding that “6.2 per cent of non-residents make up for all other property types, other than condos,” said Bond.

“For example, non-resident participation was 19.2 per cent for condos constructed in 2016 and 2017, so the most recent additions to the housing stock.”

Story continues below advertisement

Bond says in the City of Vancouver, the average value of a non-resident-owned condo is $96,000 higher than condos owned by residents in Canada.

READ MORE: Vancouver School Board urged to build modular housing on land it owns

The survey shows most owners who live outside of Canada prefer Vancouver, followed by Richmond and Burnaby.

WATCH: New B.C. registry to crack down on condo flipping

New B.C. registry to crack down on condo flipping
New B.C. registry to crack down on condo flipping