> In 2020, the share of foreigners in the fair market value of homes was almost zero.
a) What is the precise meaning of "foreigners" in this context? How is it measured? When the identity is hidden behind a numbered company, does our expert source disclose that?
b) If someone who has gained citizenship then accepts a wire transfer of $10M+ (from someone who is not a citizen) and then proceeds to buy 10 houses (overbidding for each), is that "foreign" involvement?
c) By what methodology were these numbers compiled, from which data sources, and can people examine these processes with no restrictions?
> It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association.
"Was" (to be within reality) "exact" and "based on..." is an interesting claim from an epistemological perspective. Is Mr. Ogmundson, chief economist with the B.C. Real Estate Association, guaranteed to be a trustworthy source of information?
> Ogmundson used official B.C. government data on property transfer taxes.
Is there some reason one should believe that this data, or the government that administers it, is trustworthy? (There is a fairly substantial amount of historic stories to believe that they are not.)
> Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax.
There is what is claimed has changed, and what has actually changed. Often, the difference is impossible to resolve - it is also often difficult to realize that a difference between the two is even possible.
When you buy a property your citizenship is now recorded. Previously it wasn't. We're now seeing the amount of people without Canadian citizenship has plunged. Before the tax was introduced in some areas of Metro Vancouver the amount of foreign buyers was relatively low, but in some areas the amount of foreigners was in the high teens, approaching 20%.
As the amount of foreign buyers is now explicitly recorded in all real estate purchases, presumably Mr. Ogmundson looked up that data. He wouldn't have had to do anything creative or difficult to come up with this data.
> Is there some reason one should believe that this data, or the government that administers it, is trustworthy?
If you're at the point where you're not trusting data the government collects I dunno man. Keep your tin foil hat on tight bud.
British Columbia is introducing a "beneficial ownership registry" as part of the foreign buyer tax stuff that would identify who actually owns what regardless of the numbered company that techncially owns it. Canada is bringing in one too.
"B.C.’s beneficial ownership registry being used in tax cases, visa applications"
Even though the thing isn't fully up and running yet, the government has been so clear years ago that they will do this that it probably would have had a chilling effect on future purchases.
a) What is the precise meaning of "foreigners" in this context? How is it measured? When the identity is hidden behind a numbered company, does our expert source disclose that?
b) If someone who has gained citizenship then accepts a wire transfer of $10M+ (from someone who is not a citizen) and then proceeds to buy 10 houses (overbidding for each), is that "foreign" involvement?
c) By what methodology were these numbers compiled, from which data sources, and can people examine these processes with no restrictions?
> It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association.
"Was" (to be within reality) "exact" and "based on..." is an interesting claim from an epistemological perspective. Is Mr. Ogmundson, chief economist with the B.C. Real Estate Association, guaranteed to be a trustworthy source of information?
> Ogmundson used official B.C. government data on property transfer taxes.
Is there some reason one should believe that this data, or the government that administers it, is trustworthy? (There is a fairly substantial amount of historic stories to believe that they are not.)
> Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax.
There is what is claimed has changed, and what has actually changed. Often, the difference is impossible to resolve - it is also often difficult to realize that a difference between the two is even possible.