BCREA says concerns over foreign home buying and high prices are unwarranted
Article shared from The Province.
The B.C. Real Estate Association has a released a report that questions widespread concerns about foreign buyers in the Metro Vancouver real estate market, vacant units and even the high cost of housing in the region.
In the report titled Market Implications of Foreigh Buyers, the BCREA says that data and analysis from a number of sources suggests that foreign investment is insufficient to impact a region as large as Metro Vancouver, except for a small segment of luxury homes.
The report, released Wednesday [June 10, 2015] says foreign ownership accounts for considerably less than five per cent of the Metro market. The report also states that proportion of vacant homes in the region does not vary significantly from that in other large urban centres, as measured by 2011 federal cenuss data.
BCREA also questions the use of average home prices as accurate yardstick for the market, nothing 70 per cent of homes sold in Metro in 2014 went for below the average of $738,000.
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