Whatever the official data may show, residents of Metro Vancouver overwhelmingly believe that foreign buyers are contributing to the current housing situation in the region.
A survey from Insights West asked residents if there is a housing crisis, 90% say there is including 64% who ‘strongly agree’ with that opinion. Those who are renting or earn less than $40K are most likely to concur.
When asked what or who is to blame, 84% say it is foreign homebuyers, with overall population growth in the metro area cited by 80%, and shadow flipping on 76%.
“There is no doubt that Metro Vancouver residents believe that we are in a major crisis when it comes to housing, and the issue is dominating public opinion and the public agenda,” says Steve Mossop, President of Insights West. “As the housing situation reaches crisis proportions, there is no shortage of scapegoats to blame, despite studies that show foreign buyers and money laundering are minor factors in the equation.”
Other factors are also concerning residents
Outside of the top 3 factors that residents blame for the housing crisis, there are several others that are highly considered to be contributing to the issues.
Money laundering, city/municipal zoning bylaws, immigration, and lack of available land due to the natural geography, are all cited by more than half of respondents.
The biggest issue facing Metro Vancouver housing is affordability according to 48% of respondents with 18-34 year olds most concerned about this.
Even rising home equity is not seen as positive by most
As home prices have risen sharply in recent years, homeowners have obviously seen increased equity but just 26% feel that the housing situation has been positive for them; as gains in personal wealth has been offset by higher assessments.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate