Vancouver is seeing fewer home buyers from China

It has been noted that a lot of the Chinese home buyers has decreased quite a bit in Vancouver in recent months, mostly because of the borders closing due to the covid 19 crisis. A lot of the home buyers in Vancouver are actually foreigners, and they are depending on the borders to open back up for the housing market to go back up. As much as 11% of the home buyers that purchase homes in Vancouver are foreign.

Key Takeaways:

  • Since borders have been closed, the Vancouver housing market has seen a very big decrease when it comes to Chinese buyers.
  • In 2017, almost 5% of the homes in Vancouvers were owned by people who didn’t live there permanently. 11% of Vancouver condos were owned by non-residents as well.
  • Condos are becoming more and more popular when it comes to real estate in Canada due to the coronavirus because they currently have higher value than homes with regards to renting and price.

“Statistics Canada figures indicated that as of 2017, around 4.8% of homes in Vancouver are owned by non-residents. These assets accounted for 5.1% of the total value of residential property in the region.”

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