“This is like a Polaroid image … As we see the image emerge, are we going to like what comes out of it?”
As the picture of foreign property ownership in Vancouver comes into clearer focus, new analysis shows non-residents of Canada own a much bigger proportion of local housing than previous official reports, with at least $75-billion worth of Vancouver-area residential real estate tied to offshore owners.
Of the $965-billion worth of residential real estate in the Vancouver census metropolitan area, $75 billion is tied to at least one non-resident owner, Yan found. And, in Vancouver, non-residents of Canada are involved in the ownership of at least $34-billion worth of residential real estate, about 10 per cent of the $341-billion total in the city.
December 2017 brought the first release from the Canadian Housing Statistics Program , an initiative supported by both Statistics Canada and the CMHC. While that release made international headlines and was hailed as the most comprehensive study to date on foreign ownership of Canadian real estate, the director of the new StatsCan division overseeing the CHSP told The Vancouver Sun at the time that it represented the “tip of the iceberg.
“There are data gaps in our knowledge of different phenomena in the housing market, so that’s why CMHC and Statistics Canada are looking to close those, so we can have an informed public discussions about these phenomena of interest,” Bond said this week. “We do strongly believe that the best decisions and debates are based on data and evidence, so that’s what we’re looking to provide.”
But the hope, at least, is that a more clear picture will lead to more informed discussion going forward.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Q&A: Dan Shulman shares his NCAA March Madness bracket, upset picks - Sportsnet.caMarch Madness kicks off in earnest Thursday afternoon, so we caught up with Dan Shulman to get his thoughts on the tournament.
Read more »
Funeral for famed Nova Scotia treasure hunter Dan Blankenship to be held on MondayBlankenship, who was a staple on the reality TV series The Curse of Oak Island, died Sunday at 95
Read more »
Famed Nova Scotia treasure hunter Dan Blankenship did it his way, reverend tells funeralRoughly 120 people packed a small wood-panelled church in the coastal community of Martins Point for the funeral of Dan Blankenship
Read more »
Brock Boeser focused on playing full 200-foot game - Sportsnet.caVancouver Canucks star Brock Boeser joins Dan Murphy to talk about the team’s performance against the Ottawa Senators and his performance as of late.
Read more »
Simply The Worst: 'Schitt's Creek' Will End After Next Season'Schitt's Creek,' the little Canadian show that could, will end after next season
Read more »
Veteran starter Straily released by Marlins - TSN.caDan Straily was released Monday by the Miami Marlins, who will give the pitcher $1,209,677 in termination pay rather than his $5 million salary.
Read more »
U.S. FAA says oversight needs to evolve after Boeing crashesActing FAA Administrator Dan Elwell will tell a Senate Commerce subcommittee the airlplane will return to service only when its appropriate
Read more »