No need for policy on foreign investment says BCREA
The British Columbia Real Estate Association has published a report on the implications of foreign buyers on the housing market in the province.
It has concluded that there is no need for government action to tackle the issue at this time.
The report notes that housing affordability is, and has for a long time, been a problem for the Vancouver metro but says that data shows that the impact of foreign investment in such a large and diverse market is small with the exception of some luxury property.
BCREA says that a lack of land supply and densification policies have placed “significant upward pressure” on single-detached properties in the metro region.
Among the association’s findings are that foreign investment makes up no more than five per cent of sales activity and foreigners own “considerably less” than five per cent of housing stock.
However, the report recommends that the level of foreign ownership should be monitored by means of a residency declaration to the land transfer process or a similar procedure.