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Foreign investor data scarce, experts say

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Real Estate Professional | 24 Jun 2015, 11:25 AM Agree 0
The hot-button issue of foreign investors is raising the eyebrows of experts, who say the provincial government needs to do more to bridge a knowledge gap that could destabilize house prices.
  • Calvin Lindberg | 24 Jun 2015, 01:33 PM Agree 0
    It should be a real concern that our associations and boards including BCREA and CREA and in particular the Real Estate Board of Greater Vancouver fail to see the importance of collecting data on the impact of foreign or offshore buying in our real estate markets. Comments from BCREA stating that relevant data suggest only 5% of buyers are from offshore is in my opinion somewhat disingenuous. Some of us have been lobbying our industry for years to start collecting this critical data. MacDonald Realty and Sotheby's in their analysis have both stated that over 20% of all the buying through their respective companies have been from offshore buyers. In our company, anecdotally we are suggesting that the number is close to 40% of all the sales were from offshore buyers. Obviously these numbers will have a huge impact on local markets and that is exactly what we are seeing. Why would the Vancouver Mayor, the Premier of BC and the Chinese Consulate all be weighing in on the impact we are seeing from offshore buying if it were only 5% as BCREA is suggesting? Because the media puts so much weight on what our professional bodies say it is time to be able to accurately state what impact offshore buying is having on our markets. I suggest we start collecting the data!
  • EddieN | 24 Jun 2015, 03:46 PM Agree 0
    Welcome to a world market place. If you start putting up walls to foreigners, then the country will tumble down to a third world level. Protectionism might work short term, but in the long run, all Canadians will suffer.
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