Statscan analysis indicates Vancouver also has a huge appetite for investment properties
Vancouver residents are grappling with the highest real estate prices in Canada, and yet the city has the highest percentage of households without mortgages., according to new data released by Statistics Canada.
He also drilled into each Vancouver neighbourhood to see which ones which ones held the fewest mortgages. Perhaps not surprisingly, they tended to be the city’s most expensive areas. At the top of the list is Oakridge, where 64 per cent are mortgage free. The top five includes Kerrisdale, West Point Grey, Arbutus Ridge and Shaughnessy, all under 61 per cent. Dunbar-Southlands is at 59 per cent.
“The thing that occurred during COVID is that a lot of Canadians took the opportunity to pay down their mortgages with their prepayment options that they had with the fixed mortgages,” said Mr. Ash, who is based in B.C.Re/Max recently released its 2023 Canada Housing Barometer Report and looked at average price and new mortgage values released by CMHC and Equifax Canada. It found that loan-to-value ratios in the last decade had declined in 67 per cent of the major markets.
Mr. Ash said he knew of homeowners who’d used the loans to purchase investment properties, and those investors were now feeling the pinch of a higher rate. Those investors, however, have the benefit of rising rental rates, he said. In B.C., 23.3 per cent of property owners, or one in five, are investors. And 9.6 per cent are investor-occupants, people who own a property with multiple units, and who live in it, such as a house with a basement suite. By far, B.C. has the highest percentage of investor-occupants compared to Manitoba, Ontario, New Brunswick and Nova Scotia, the other provinces studied. That’s because of the comparatively high percentage of houses that contain suites, as well as laneway houses.
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