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Urbanized, Vancouver Homes, Real Estate, News

StatsCan: Less than 5% of Vancouver housing owned by non-residents of Canada

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DH Vancouver Staff Dec 19, 2017 1:30 pm 929

Less than 5% of housing in Vancouver is owned by non-residents of Canada, according to a new report from Stats Canada.

Those findings, released today in conjunction with the Canada Mortgage and Housing Program (CHSP), were part of a nation-wide report that took a closer look at who owned how much, and where, when it came to housing.

The report found that in Vancouver, non-residents owned 4.8% of residential properties, accounting for 5.1% of total residential property value.

That said, estimates of non-resident property ownership varied by the property type itself.

Non-residents owned 7.9% of condominium-apartments in Greater Vancouver. By comparison, non-residents owned 3.2% of single-detached houses in the same area.

Broken down even further by municipality, the report found that non-resident ownership was most concentrated in the City of Vancouver (7.6%), followed by Richmond (7.5%) and then West Vancouver (6.2%).

Non-residents apartments valued higher

In the Vancouver region, the average value of a condominium-apartment owned by non-residents was 30.4% higher than that of a resident owned condominium-apartment.

The City of Vancouver had the highest rate of non-resident ownership of condominium-apartments within the CMA.

The average value of these apartments was approximately $930,600, which was 25.6% higher than resident-owned.

Single residential units valued higher

Single residential units – such as detached houses, semi-detached houses, row house or condominium-apartment, owned by non-residents were valued higher as well.

Across the region, the average value of each of these property types was higher for non-resident owned properties than resident owned, with the disparity greatest for single-detached houses.

The average value of a single-detached house owned by non-residents was approximately $2.3 million, compared with $1.6 million for resident-owned.

These differences were most pronounced in the City of Vancouver and West Vancouver.

In Greater Vancouver, a single-detached houses owned by non-residents had an average value of nearly $8 million, while those owned by residents had an average value of $5.3 million.

The average size of a single-detached house owned by non-residents in this district was close to 4,800 square feet, 32.2% larger than the average size of single-detached houses owned by residents.

StatsCan said the report was created to ” develop a framework designed to address data gaps related to housing.”

See also

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DH Vancouver Staff
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