About That Supply Problem…

Looking through the latest Housing Market Insight report from CMHC, I found some interesting data on foreign buyers.

Screen Shot 2016-06-19 at 10.23.49 AM

In 2014, foreign residents owned 2.3% of Vancouver’s 203,824 condominium units — 4,688. In 2015, they owned 3.5% of 210,696 units — 7,374. For the year, total supply increased by 6,872, while foreign owners increased their total by 2,686.

This means foreign residents bought 39% of added condominium supply! It also looks like a similar situation happening in Toronto.

This explains why, even though housing starts have been strong for several years, current housing market inventory is very low.

It’s foreign demand, stupid.


One thought on “About That Supply Problem…

  1. Pingback: Why 5% Is More Than It Sounds | Vancouver Housing Blog

Comments are closed.