Recently, the provincial government released data regarding real estate transaction that showcased that almost 5.1% of the homebuyers are foreign nationals, especially in the Metro Vancouver Market.
The housing affordability issue has been a major challenge for the Real Estate Market of Vancouver BC faced by home buyers, real estate boards and agents alike which the Minister of Finance has finally taken note of.
The government has released important data as mentioned above about the foreign buyers, additional information about transactions every month, and the data for transactions between June 10 and June 29 2016 has been released.
The said data is collected at the time of the registration of the Property at the Land Title Office and also when the Property Transfer Tax is paid.
During this process, it is required by the government for citizens to reveal their citizenship and for corporates to disclose their director’s citizenship.
From the data so released, some of the additional findings are:
- Foreign Nationals Transactions included a total of 337 amounting to $390 million.
- Residential Real Estate transactions totaled to approximately 10,148 amounting to $7.6 billion.
- In the heart of the City of Vancouver, 1,139 transactions were recording amounting to $1.6 billion, 4.1% of the buyers were foreign nationals.
- Lastly, in Metro Vancouver, 5118 transactions were recorded amounting to $5.4 billion, 5.1% of which belonged to foreign nationals for a grand total of $351 million.
The initiative by the provincial government will be helpful in understanding the juxtaposition of the real estate market and analyze future trends.