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One-quarter of B.C. homebuyers were investors at outset of pandemic, says StatCan

Investors accounted for almost 40 per cent of Kelowna condo buyers in 2019
Jami Makan
Jami Makan
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Condos are particularly popular among investors, who accounted for up to 40 per cent of condo buyers in some B.C. cities in 2019, according to the national statistics agency. | DARREN STONE, TIMES COLONIST

Investors accounted for one in four residential property purchases in B.C. in 2018, 2019 and 2020, according to a new study by Statistics Canada.

The StatCan analysis by Joshua Gordon provides insight into investor ownership before and during the start of the COVID-19 pandemic, during which house prices increased rapidly in many parts of the country.

Among census metropolitan areas, the highest rates of investor-buyers in the pre-pandemic years were in Kelowna, Vancouver and Victoria.

“Investors accounted for a higher share of condominium-apartment buyers than single-detached house buyers,” the study found. “In Halifax, Vancouver and Victoria, investor-buyers represented around one-third of all condominium apartment buyers.” 

Kelowna had an even higher share, with investors accounting for almost 40 per cent of condominium purchases there in 2019.

The report defines a real estate investor as “an owner of at least one residential property that is not used as their primary place of residence.” It includes businesses and individuals, whether in-province, out-of-province or non-residents.

Among the key findings of the report:

  • In 2019, investor-buyers represented around one-third of condominium apartment buyers in British Columbia (33.4 per cent), while they were 18.9 per cent of single-detached buyers;
  • On average, investor-buyers bought more expensive properties than non-investor buyers, in some cases paying 20 per cent more;
  • Most individual investor-buyers are smaller-scale investors, with 70.5 per cent of individual investors in B.C. owning one or two investment properties, 17.7 per cent owning three and 11.8 per cent owning four or more;
  • Investor-buyers are on average older than non-investor buyers, with the median age in B.C. around 50 or above in 2019;
  • Immigrants are overrepresented among resident investors in large urban areas, with 67 per cent of Vancouver’s in-province investors being immigrants in 2019;
  • Investor-buyers are more prominent in rural regions with significant tourism, with nearly seven in 10 buyers being investors in Whistler and nearly half of buyers being investors in the ski resorts of the B.C. Interior in 2019.

StatCan intends to do further research and analysis examining the pandemic’s later years.

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@JamiMakan