The Sun reports on the just-completed media conference by Finance Minister Mike De Jong:
Main findings include, between June 10 and June 29, 2016:
- 10,148 residential real estate transactions in B.C., totalling more than $7.6 billion.
- 337 transactions (3.3%) involved foreign nationals, worth $390 million (5.1%).
- In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which260 involved foreign nationals (5.1%), worth $351 million (6.5%)
- In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1%), worth $64 million (3.9%).
Source: B.C. Government
PT: From watching the conference, one thing was clear: after years of stonewalling, the Liberals finally understood the political imperative of getting information, getting it out and getting some policy response for a very pissed-off public.
UPDATE: From Business in Vancouver:
A provincial government statement that only 3% of B.C. residential sales are made to foreign buyers and that Chinese nationals represent just 2.5% of Metro Vancouver home buyers drew rolling eyeballs and laughter at the packed July 7 Asia Real Estate Association of America (AREAA) conference in downtown Vancouver.
“No. Absolutely not,” said an incredulous Byron Burley, Shanghai-based vice-president of Chinese-language juwaii.com, China’s largest foreign residential real estate search engine. “It is way, way higher than that.” Burley noted that millions of Chinese nationals use his site, which has from 3,000 to 5,000 residential listings from B.C. at any time.