Official foreign ownership numbers “ridiculously low-balled”

Economists from one of Canada’s largest mortgage lenders say that official figures on the level of foreign home ownership in Vancouver are a long way off the reality. Scotiabank’s Derek Holt and Dov Zigler wrote in a client note that with some many foreign buyers using US dollars the market still offers affordability for international investors especially when compared to other major markets such as Sydney, San Francisco and Hong Kong. They say that official CMHC estimates that just 3.5 per cent of condos in Metro Vancouver are owned by foreign buyers are “likely ridiculously low-balled.”

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