There is a lot of talk about foreign investors driving the Vancouver market.
Unfortunately there just isn’t enough concrete data to back up these claims. Until recently, foreign buyers were not required to disclose their citizenship when purchasing real estate.
Majority of the clients that come to me for their mortgage are Canadian citizens, permanent residents or temporary residents who are working and paying taxes in Canada and generally qualify under either the income qualified or stated income programs.
In an effort to show who is getting into the market or at least who is getting a mortgage I have created my client demographic for 2015. By no means this is an indicator of who is buying in Vancouver but it does show that a lot of local residents with normal jobs are also getting into the market. Like I always say, it is possible but it’s important to stay within budget.