Fears that foreign buyers and other temporary residents are snapping up an abnormal share of Metro Vancouver condos aren't borne out by statistics,according to a new analysis.
Urban futures researchers examined 2011 census data and found just 0 .8% of all homes in the metro region and 1.4% of apartments are occupied by foreign or temporary residents.
Vancouver and West Vancouver were above average at just under 2% , while others larger cities in the region had fewer foreign buyers, including Richmond at 1.3%, Burnaby at 1.1% and Surrey at 0.4%.
There had been media reports earlier this year that upto a quarter of condos in certain parts of downtown Vancouver are either unoccupied or occupied by nonresidents prompting the new concern that wealthy foreign investors the parking money here.
Urban futures found 6.2% of Metro apartments were unoccupied --- below the national average --- and said there's no basis to conclude that's excessive.
The areas with the highest levels of unoccupied apartment where you UBC at 10.1% , Surrey at 9.2%, West Vancouver at 6.9%, and Vancouver at 6.7%
It is to be noted temporary residents include large number of students --- there are 250,000 postsecondary students enrolled across the region who would represent third largest city they were clumped together.
Therefore the fears that the foreign buyers and the other temporary residents are taking over a big number off apartment share in Metro Vancouver region is not true.
Source: Vancouver's Urban Weekly