CMHC report identifies properties where there is at least one non-residential owner. (File Photo)

CMHC reports non-residents own 5.2 per cent of Greater Victoria homes

Non-residents tend to own newer and more expensive homes in Greater Victoria

Non-residents are reported as owners of 5.2 per cent of Greater Victoria dwellings, according to Canada Mortgage Housing Corporation (CMHC).

For properties bought in 2016 and 2017, the number of non-resident participation jumps to 11.6 per cent.

Overall, the report shows that non-residents in metro Victoria tend to be involved in ownership of newer properties with higher property values.

ALSO READ: CHMC warns of high housing market vulnerability in Greater Victoria

In Greater Victoria, 11.6 per cent of properties sold between 2016 and 2017 have had non-resident participation.

Among non-resident owned, single-detached houses of all ages in Greater Victoria, 35 per cent were based in District of Saanich, 14 per cent were in Victoria and 10.5 per cent were in Oak Bay, accounting for over half of all non-residential properties.

Non-resident properties in North Saanich are worth $338,000 more than resident-owned property, the highest differential in the region. View Royal, at -$49,000, had the lowest. Langford made up 8.9 per cent of non-resident ownership of single-detached homes and had a positive value differential of $2,000.

ALSO READ: CMHC sets target to make housing affordable for every Canadian by 2030

In the District of Saanich, 14.6 per cent of new condos are owned by non-residents, said Eric Bond, market analyst at CMHC and one of the study’s lead authors. Among condos of all ages, 7.8 per cent of all condos of all ages in District of Saanich have non-resident participation, driving the result for the region.

For Langford, 4.5 per cent of condos are owned entirely by non-residents and 2.8 per cent have a mix of resident and non-resident owners.

One of the study’s major findings is that non-residents tend to own properties of a higher assessment value and more condominiums, Bond said. Non-resident participation in ownership of condos of all ages in Greater Victoria is at 7.8 per cent. The figure dips slightly to 7.3 per cent for Langford.

ALSO READ: Victoria housing starts mostly rentals: CMHC

A non-resident is someone whose primary dwelling is outside of Canada, which includes Canadians living abroad.

Greater Victoria’s 5.2 per cent figure for non-resident property owners is lower than the provincial average of 6.2 per cent, which is driven by metro Vancouver, at 7.6 per cent.

The first-of-its-kind report on Greater Victoria intends to provide buyers, “the government and policy makers concrete data and evidence upon which to base their discussions of the phenomenon,” Bond said.

swikar.oli@goldstreamgazette.com


Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

More than 250 riders took part in the fifth annual Tripleshot CrossFondo, which riders across parts of the Saanich Peninsula, including this field near Sluggett Farms. (Wolf Depner/News Staff)
Tripleshot CrossFondo rides across Saanich Peninsula

More than 250 cyclists took part in mystery-course race

City of Victoria crews will soon be gathering up fallen leaves in neighbourhoods and city parks. First up on the pickup list are the James Bay, Fairfield, Rockland, Gonzales and South Jubilee neighbourhoods, starting Oct. 19. (Courtesy City of Victoria)
Victoria city leaf pickup a sure sign of fall

Residential pickup begins Oct. 19, drop-offs can happen anytime at city yard

Saanich police are warning residents to be aware of a non-aggressive bear sighting in the 400-block of Haliburton Terrace. (Black Press Media file photo)
Non-aggressive bear spotted in Saanich neighbourhood

Saanich police advise residents to be aware of sighting in the 400-block of Haliburton Terrace

The Capital Regional District spent $1.7 million to restore the Todd Creek Trestle. (Sooke News Mirror)
Todd Creek Trestle restoration completed

Restoration work adds 35 to 50 years to life span of the structure

The B.C. Centre for Disease Control is warning customers of a confirmed case of COVID-19 on WestJet flight 195 from Calgary into Victoria on Oct. 11. Passengers seated between rows one and seven should self-minotor for symptoms for the next 14 days. (Black Press Media file photo)
Confirmed COVID case on WestJet flight day after previous exposure on same route

BCCDC warning passengers seated in rows one to seven on WestJet flight 195 on Oct. 11 into Victoria

Advance polls are open from Oct. 15 to 21 with election day on Oct. 24. (Black Press Media file photo)
A passer-by walks past a COVID-19 testing clinic in Montreal, Friday, Oct. 16, 2020. THE CANADIAN PRESS/Ryan Remiorz
Canada ‘yet to see’ deaths due to recent COVID surge as cases hit 200,000

Much of the increase in case numbers can be attributed to Ontario and Quebec

Police confirm human remains were found in a recycling bin in Vancouver on Oct. 18, 2020. (Black Press Media file photo)
Human remains found in recycling bin floating near Vancouver beach

Police asking nearby residents to see if their recycling bin has gone missing

(File photo)
RCMP: Two men face charges in reported Parksville fatal hit-and-run

Investigation into man’s death began in August of 2019

B.C. Liberal leader Andrew Wilkinson visits a North Vancouver daycare to announce his party’s election promises for child care, Oct. 9, 2020. (B.C. Liberal Party video)
B.C. parties pitch costly child care programs in pandemic

B.C. Liberals say they’ll deliver on NDP’s $10-a-day promise for lower-income families

Steven Michael Bacon pleaded not guilty to a charge of first-degree murder of Nanaimo teen Makayla Chang. (Photos submitted)
Accused pleads not guilty in Nanaimo teen’s 2017 murder

Steven Bacon appeared in Nanaimo court Monday via video link from Thunder Bay

Voting station at Tzeachten Hall in the riding of Chilliwack-Kent on the first day of advance voting in the provincial election on Oct. 15, 2020. (Paul Henderson/ Chilliwack Progress)
B.C. VOTES 2020: 380,000 British Columbians head to polls in first 4 days of advance voting

Some of highest voter turnout so far has been seen on Vancouver Island and in Shuswap

Grant and Barbara Howse, in quarantine in Invermere. Mike Turner photo
Denied entry into U.S., Kootenay couple still forced to quarantine for 2 weeks

The rules around crossing the U.S. border led to a bizarre situation for an Invermere couple

Most Read