Vancouver’s overseas homeownership rate of 7.8 per cent pales in comparison with Sun Peaks and Whistler
The province’s top two ski resorts are the areas with the highest proportion of non-Canadian-resident owners of residential real estate, with Vancouver lagging in third place, according to new data.
A study released June 25 by Statistics Canada says that Sun Peaks has the highest overseas homeownership in the province, at 16.5 per cent of homes. This is followed by Whistler at 15.5 per cent. Both areas are not subject to the province’s speculation tax.
Both resort municipalities have more than double the non-resident ownership reate third-placed Vancouver (city, not Census Metropolitan Area), which the 2016 Census revealed to have just over seven per cent of homeowners not living in Canada. Vancouver CMA, or Metro Vancouver, was found to have 4.6 per cent of homes owned by non-residents. Non-resident owners in this study include any homeowners who do not live in Canada, including Canadian citizens who live overseas.
With Sun Peaks and Whistler being two of B.C.’s biggest tourism destinations, the high rate of overseas owners of homes in those areas may not be surprising. But other tourism hotspots in B.C., such as the Okanagan and Vancouver Island, saw much lower overseas ownership rates.
Victoria and Kelowna CMAs, where the B.C. speculation tax does apply, were found to have a non-resident ownership rate of 2.7 and 2.5 per cent respectively. The speculation tax also applies in Abbotsford-Mission CMA, where the rate was just 1.4 per cent, according to Statistics Canada.