XPost: bc.politics, van.general   
   From: noyb@notyourhome.com   
      
   By Justin McElroy, CBC News Posted: Dec 19, 2017 3:44 PM PT Last Updated: Dec   
   19, 2017   
      
   Over 20% of new condos in Vancouver and Richmond owned by non-residents   
   Large variations from city to city when it comes to the percentage of   
   non-resident buyers   
      
   Statistics on housing ownership captured for the first time by Statistics   
   Canada show that when it comes to the impact of purchases by non-Canadian   
   residents, geography and building type matter a lot.   
      
   Figures published Tuesday, in a joint project with the Canada Mortgage and   
   Housing Corporation, showed that non-residents owned 4.8 per cent in Metro   
   Vancouver — but the number is much higher when it comes to condos, especially   
   newer ones.   
      
   "It's quite substantial when you look at the numbers," said Josh Gordon, an   
   assistant professor at the Centre for Public Policy at Simon Fraser   
   University.   
      
   "Non-residents" are defined by Statistics Canada as either a Canadian citizen   
   who no longer lives in the country (but still owns real estate) or a   
   non-citizen who owns property in Canada without using it as a primary   
   residence.   
      
   While the percentage of non-resident buyers is still comparatively small,   
   there are plenty of variations in the data worth highlighting. Here are four   
   of them.   
      
   Condo fever   
      
   In most cases, the number of non-residents with property in Metro Vancouver is   
   below 10 per cent.   
      
   But there is one exception: condos built in and around Vancouver in the last   
   two years.   
      
   More than one in five condos built since 2016 in Richmond and Coquitlam are   
   owned by non-residents, with 19.1 per cent in the City of Vancouver.   
      
   "The main point when you look at the data is to distinguish the stock and the   
   flow," said Gordon.   
      
   "That means a huge share of the market, in terms of who is buying in recent   
   years, is non-resident owners. And that will have a major impact in your   
   market."   
      
      
      
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