B.C. saw a record number of new homes registered for construction in 2021, but data from the Bank of Canada suggests a significant share of them are likely to be purchased by investors.
The Bank of Canada study looked at mortgage and credit bureau data to determine the percentage of homes in the country being purchased by first-time homebuyers, repeat buyers and investors.
It concluded that investors and repeat buyers make up an increasingly large portion of mortgage-backed home purchases in Canada.
“Home purchases are being driven increasingly by existing homeowners,” the study’s authors write in their conclusion.
“Within this group, investors have seen the largest gain in their share of home purchases during the COVID 19 pandemic.”
Because the study looked at mortgage data, it does not capture homes purchased in cash or by corporations, according to the authors.
The study found first-time buyers made up 47 per cent…