Government regulations adding to real estate market costs

Posted by Michael La Prairie on Thursday, June 7th, 2018 at 10:33am.

Government regulations adding to real estate market costsTrade-off

B.C. Ministry of Finance property transfer data for the 16 months through April 2018 indicate that foreign buyers favour Richmond, Burnaby and Port Moody, with foreign nationals active in at least 4% of real estate transactions in the three municipalities.

All other municipalities saw less. In fact, the University Endowment Lands saw no transactions involving foreign nationals, although the 2016 census indicated that it had one of the highest percentages of residences not occupied by their usual residents on census day.

Similarly, Anmore recorded no sales to foreign buyers in the last 16 months. Staff at a presentation centre near Buntzen Lake indicated that traffic was slack, part of the general slowdown at the top end of the market in recent months.

Does slack traffic mean efforts to cool foreign involvement are working?

Eric Bond, principal market analyst with Canada Mortgage and Housing Corp. in Vancouver, said the province’s latest measures against foreign buyers won’t kick in till this fall, so their impact has yet to be seen.

“It would be difficult to make that link,” he said.

However, 65% of listings now are for homes costing more than $1 million while just 30% of sales are for homes greater than $1 million.


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