Bob Rennie has been selling and marketing condos and real estate in Vancouver for 40 years. He was in studio with Simi Sara today to talk about who is buying what, in Vancouver’s hot real estate market.
While governments don’t collect statistics on who is driving sales, Rennie’s company does, and his latest ones break down who is buying what in the city.
According to Rennie, nearly 8,000 people have moved to Vancouver every year, since Expo 86, and there is nothing to do but create multiple home dwellings.
“The big thing that I’ve been on for the last 12 years, and it seems to have clicked this year is acknowledging that we will never create another single family lot in the city of Vancouver again.”
Here are some quick stats from his latest research:
- 89% of baby boomers recommend home ownership
- 48% of boomers they are helping or will help with their
- 61% of visible minorities say they will help or have helped their kids while only 42% of non-visible minorities say the same
- Of his recent developments, only 2.2% have been sold to off-shore purchasers
- However, to 75% of single family homes over $3 million in the city Vancouver are being bought by foreign buyers
He says that if he ran the city of Vancouver he’d re-zone the entire city to townhomes, but since that isn’t a viable option it’s time for communities to get really creative.