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Data Shows B.C.’s Biggest Hubs For Globally-owned Real Estate

Data shows B.C.’s biggest hubs for globally-owned real estate

By JEN ST. DENIS for The Star Vancouver

New data released by Statistics Canada shows where B.C.’s biggest hubs of “transnational” real estate marketplaces are located, with the resort municipalities of Sun Peaks and Whistler and the University of British Columbia Endowment Lands showing the highest rates of non-resident ownership.

The data also indicates how much real estate is held by corporations rather than individuals, a measure that’s useful as British Columbia moves to crack down on corporate structures that can be used to avoid tax, said Nathanael Lauster, a sociology professor at UBC who studies housing.

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“I think the more transparency we can bring to some of these ownership issues the better off we’ll all be,” said Lauster.

Statistics Canada began tracking non-resident ownership data in 2017 after repeated calls from activists and academics who believe that non-resident property purchases were one factor in the huge and widening gap between Vancouver property prices and local incomes.

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