The agency finds six per cent of properties built since 2010 have been purchased by foreign buyers

VANCOUVER (NEWS 1130) – Foreign buyers are more likely to snap up new properties rather than older alternatives, according to new numbers by the Canada Mortgage and Housing Corporation.

In Metro Vancouver, CMHC estimates six per cent of properties built since 2010 have been purchased by foreign buyers, but that figure falls to two per cent for buildings constructed before 1990.

Economist Tom Davidoff with UBC’s Sauder School of Business says this data is useful but anecdotal information suggests the real number is probably higher.

“CMHC has as good data as anybody,” says Davidoff. “But I think it’s strong disagreement with many peoples’ intuition about the market.”

He adds factors like purchases made through corporations or by locals buying on behalf of foreigners make landing at a definitive number extremely difficult.

“Certainly from what one hears, a very large portion of buyers, certainly in the City of Vancouver, perhaps not in the larger metropolitan area, are from overseas.”

As for how we compare with Toronto’s metro region, foreign buyers account for two percent of buildings built before 1990, while that figure jumps to seven percent for those constructed since 2010, according to these estimates.

While the price of a detached house or condo skyrockets in Metro Vancouver, millennials are still an optimistic bunch when it comes to their dreams of ownership.

A survey from Leger finds almost 80 per cent of Canadians from 18 to 34 believe they will not only be able to buy a home, but one that they love even in markets like Vancouver and Toronto.

However, they are counting on some help. Nearly four-in-10 expect a parent or other family member to chip in for part of the down payment.