Real estate investors accounted for the majority of home buyers in British Columbia between 2018 and 2020

 

 

Real estate investors accounted for a quarter of all home buyers in British Columbia between 2018 and 2020, according to a report. The proportion was even higher among condo units. One-third of condo unit buyers were investors.

The largest number of home buyers were in Kelowna, Vancouver and Victoria. Given the low interest rates and property tax rates that existed before COVID, it’s no surprise that real estate investment has increased significantly, said Tom Davidoff, associate professor at UBC’s Sauder School of Business. Between 2018 and 2020, more people invested in real estate than in any other investment, accounting for 16.6 per cent of total sales.

People living outside of Canada also invested in the sector. This represents 3.2 percent of total sales. Immigrants are among the investors. Experts also found that immigrant families are more likely to invest their wealth in real estate compared to other assets.