2015 Canadian Construction Overview Graphic

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VIDEO: Michael Ferreira at CanaData West

0 49 Economic

by JOC News Service

Michael Ferreira, the managing principal at Urban Analytics, gave his take on the residential real estate market in British Columbia at the recent CanaData West construction industry forecast conference held in Vancouver.

Ferreira said there was a "frenzy" in the first six months of the year, with new supply not meeting demand, but with the government getting involved with the foreign buyer tax and mortgage rules having variable impacts on the market.

He said there hasn't been the level of commitment from the government required to open up supply and thus address affordability concerns.

Regarding the foreign owner's tax, Ferreira said that the extra cost would merely "annoy" potential purchasers from overseas who gain a 15 per cent currency discount from buying in Canada, and that at most foreign buyers would simply wait a little longer before purchasing in the Lower Mainland.

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