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31-Aug-2017 12:40

CMHC’s plan now is to produce a more comprehensive report by the fourth quarter of this year, says chief economist Bob Dugan, capturing not just condominiums but all forms of residential property. Gathering the data requires co-operation on the part of everyone from provincial property registries to local realtors—not all of whom are eager to shed light on their lucrative sources of new-found income.It might also require a better understanding of who constitutes a “foreign owner.” The CMHC’s current definition—an owner who does not reside in Canada—excludes all kinds of domestic arrangements under which foreigners purchase homes abroad, suggesting the recent condo numbers understate the influx of outside buyers.Substitute any one of two dozen nationalities, after all, and you have a chapter in Canada’s cherished narrative of migration, settlement and shared prosperity.But as a Chinese newcomer with a buy-at-all-costs resolve, Shen also personifies a phenomenon dividing those “natives” he’d like to call his neighbours.Selling points ranged from the quiet of the street—perfect for their six-year-old son—to the stunning Vancouver Island vistas all around.High on his list, though, was Victoria’s comfortable distance from the bustling Chinese communities of B. As Shen—betraying his limited knowledge of pre-settlement Canadian history—puts it: “We wanted a place that would allow us to live with the natives.” It’s hard not to smile at his idealism.

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Meanwhile, Chinese developers have made buys in locations that have left analysts scratching their heads, including Nova Scotia’s remote Eastern Shore and an abandoned mining town in the B. “The year-on-year property increase in Shenzhen, one of China’s tier-one cities, was close to 60 per cent,” he observes.The author of that report, an urban planning professor named Andy Yan, interpreted that to mean the buyers were new arrivals.



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