Elevated home sale activity continues to outstrip the supply of homes for sale in…
How did it come to pass that thousands of people who came to Metro Vancouver through a provincial immigration scheme bought pricey houses?
A Statistics Canada report shows 2,370 people who recently arrived in B.C. through a provincial immigration program have bought single-family houses worth an average of $2.38 million in Metro Vancouver, which is $800,000 above the norm for Canadian-born house buyers.
It’s a startling figure, in part because politicians often trumpet how the relatively small provincial immigration programs were created primarily to fine-tune Ottawa’s bulkier immigration policy by pinpointing the right skilled workers for each local labour market.
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Given that the emphasis of so-called “provincial nominee programs” is supposed to be on newcomers looking for a job, how have thousands since 2009 been able to quickly buy pricey Metro Vancouver real estate? It’s difficult to get an answer from officialdom. So we’re left to our own devices to figure out this irregular access.
I’m not alone in suggesting one of the last things most young people need in Metro Vancouver’s unaffordable housing market is to be squeezed out by another stream of foreign capital. The B.C. NDP government is among those trying to crack down on this price-inflating phenomenon associated with “satellite families” who buy stately homes.
But the revealing data is there in the particulars of a January Statistics Canada report. Its charts point to the way many families are coming to Metro Vancouver with large amounts of wealth, which they’ve been funnelling into housing.