It is one of Vancouver’s most talked about condo developments, and a third of its units have gone to foreign buyers.
Westbank Corporation says 35 % of buyers its Vancouver House development at the foot of the Granville Street Bridge are foreigners, not just from Asia, but Europe and the US.
But a market analyst with Canada Mortgage and Housing says when it comes to foreign ownership of property in Vancouver, a lot of data has been gathered but we are still a long way from a complete picture.
Foreign ownership data incomplete
Robyn Adamache says the data that has been collected so far has different means of measurement.
CMHC looked at the number of foreign owned rental condos.
“For the city of Vancouver our finding there was at three point four percent were foreign investor owned. If you go to an area like the downtown core 5.8% of condos in the downtown core are owned by foreign investors.”
Adamache says others have used census and hydro records.
But she says if you put it all together the fact 35% of a new downtown condo building has been sold to foreign buyers is far above the norm.