Majority of Vancouver’s downtown units are lived in, although at least half are owned by investors, rented out]
(Source: Globe and Mail)
Vancouver has long cherished the urban myths that many of the thousands of condos built in its downtown neighbourhoods since Expo 86 are owned by offshore investors and sit empty while those speculators wait for the market to rise.
Neither of those beliefs is true, according to comprehensive research done by an architecture foundation that looked at electricity use, home-ownership grants, and condominium council records.
“It was a bit of a surprise to us to discover that very few condos are empty,” said Michael Heeney, a partner with architect Bing Thom, whose foundation, BTAworks, sponsored the research. “There have been all those urban stories out there that they were all owned by foreigners and half of them are empty.”
Read Frances Bula’s full article “Empty condo myths untrue, research shows” in the Globe and Mail (May 25 2009).