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Foreign ownership small part of market says development industry non-profit

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Summary

Foreign ownership can often mean empty homes, right? A non-profit says that view is all wrong

Non-profit says foreign ownership not to blame for high cost of Vancouver real estate

VANCOUVER (NEWS1130) – We often assume foreign ownership means big, empty homes or dark condos, and that’s where many of us place our blame for the high price of housing in Vancouver. A non-profit that represents groups in the development industry is disputing both those claims.

Foreign ownership is a very small part of the market, says Anne McMullin with the Urban Development Institute.┬áSmall enough that if stricter rules were put in place, they wouldn’t make much of a difference to how much we have to pay.

And, McMullin says only about two per cent of condos Rennie Marketing Systems has sold have been to buyers overseas. “A majority of that two percent, is foreign buyers buying for families who live here, so it might be somebody living in China buying a condo for their adult or university-aged child.”

McMullin points out when it comes to single-family homes, there have always been people who own several, in different places. She believes the solution to the supply problem will be more density.