VANCOUVER – A number of reports were issued Thursday about Vancouver’s red-hot real estate market. Here are some of the key findings from those reports:
— Airbnb says the average host in Vancouver makes an income of about $6,500 annually by occasionally renting out space in their home and uses at least half of what is made to pay for their rent or mortgage, or to cover the cost of household items like groceries.
— The provincial government says just over three per cent of sales between June 10 and June 29 involved foreign buyers, mostly from China. Forty-seven of those transactions occurred within the city of Vancouver while 260 involved properties around Metro Vancouver.
— Sotheby’s International Realty Canada says in the first half of this year, there was a 100-per-cent increase in the sale of homes that cost more than $4 million in Vancouver, as 439 properties in that price range changed hands.
— Canada’s largest credit union warned that young workers who have long since abandoned hope of owning a home in the Vancouver area are now being priced out of the city’s rental market. Vancity says only the Marpole and East Hastings neighbourhoods remain affordable for the average worker under 40, earning less than $40,000.