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Andy Yan
November 2015
Ownership Patterns of Single Family Home
Sales on Selected West Side Neighborhoods
in the City of V...
CONTEXT
Source: Vancouver Economic Commission,
2011
Canadians Abroad
Source: Asia Pacific Foundation of Canada, 2011
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000 1951
1953
1955
1957
1959
...
$64,352
$62,202
$60,091
$54,391 $53,905
$52,229
$50,456
$48,142 $47,276
$41,981
$-
$10,000
$20,000
$30,000
$40,000
$50,000...
Average and Median Household Incomes in the City of Vancouver
All incomes have been inflation indexed to the 2006 Census
D...
Ottawa
Washington, DC
CalgaryAnchorage
TorontoVancouver
Halifax HonoluluSan FranciscoBoston
Regina Edmonton
Seattle
San Di...
Washington, DC
Calgary
Edmonton
Ottawa
San FranciscoAnchorage Regina Toronto
Boston Honolulu
Seattle VancouverHalifax New ...
THE CASE STUDY
Study Population Characteristics and Methodology
• 172 Westside Single Family Homes Sale Transactions as listed by the
Mul...
44
73
23
16 16
0
10
20
30
40
50
60
70
$1.25m to $2m $2m to $3m $3m to $4m $4m to $5m Over $5 m
Distribution of Property Pr...
Study Population Sale Prices and Locations by
City of Vancouver Local Planning Area
Source: BC Land Titles, City of Vancou...
Study Population in Context – 2015 Assessment Values
Source: BC Assessment, City of Vancouver,
and Statistics Canada
Legen...
2014/2015 BC Assessment Values Change for All Properties in Study
Neighborhoods
11%
13%
7%
12%
Dunbar-Southlands West Poin...
Mortgages on Title
• 32 properties (18%) held no
mortgage
• 140 properties (82%) held a
mortgage
Data Source: BC Land Titl...
Holders of Mortgages
• 140 properties (82% of total
study) held a mortgage
> 69 percent of mortgages were
held by either C...
Buyer’s Type of Ownership
• 109 properties were listed as have a
single name on title
• 53 properties listed two names
• 2...
Self Declared Buyer’s Occupations of All Registered Owners on Title
• 221 Individual Buyers on Title
for 172 Properties wi...
“Other” Occupations of All Registered Owners
Research Assistant (2), Undeclared (2), Unemployed (2), Sales Manager (2), La...
Declared Buyer’s Occupations of Single Owner on Title
• 109 properties with Single
Names on Title
Housewife/Homemaker
32%
...
“Housewife/Homemaker” Occupation Property Characteristics
Data Source: BC Land Titles
• 52 Properties / 30% of Study Popul...
Data Source: BC Land Titles
“Student” Occupation Property Characteristics
• 8 Properties / 5% of Entire Study Population
•...
• Follows the Name Analysis methodology commonly used in Public Health, Political
Science and Asian American Studies from ...
Non-Anglicized Chinese Name Analysis by Property Value
88%
94%
78%
56%
57%
66%
13%
6%
22%
38%
34%
30%
5%
9%
5%
Over $5 m
$...
Surname Analysis by Lenders
With More than 5 units + Excluding Corporations
Data Source: BC Land Titles
33 Units
38 Units
...
A Region from All Over
Residents Not Born within the Residing Province or State
Source: Statistics Canada, 2011 NHS;
US Ce...
Further Readings
1. Badarinza, C., & Ramadorai, T. (2015, April 24). Home Away From Home? Foreign Demand and London House ...
Special Thanks
• David Eby, Member of the Legislative Assembly of British Columbia for
Vancouver-Point Grey acquiring and ...
Percentage of Properties with a Mortgage
88%
85%
68%
50%
81%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Non-Anglozied Chi...
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Ownership Patterns of Single Family Homes Sales on the West Side Neighborhoods of the City of Vancouver: A Case Study

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This analysis looks at the all the sales to occur within three west side neighborhoods in the City of Vancouver over a 6 month period and the ownership and mortgage patterns within these titles.

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Ownership Patterns of Single Family Homes Sales on the West Side Neighborhoods of the City of Vancouver: A Case Study

  1. 1. Andy Yan November 2015 Ownership Patterns of Single Family Home Sales on Selected West Side Neighborhoods in the City of Vancouver A Case Study
  2. 2. CONTEXT
  3. 3. Source: Vancouver Economic Commission, 2011
  4. 4. Canadians Abroad Source: Asia Pacific Foundation of Canada, 2011
  5. 5. 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 1951 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Population Average 5-Year Residential Mortgage Rate 2 per. Mov. Avg. (Population) Instruments of Mass Construction Population Growth in the City of Vancouver and Average 5-Year Residential Mortgage Rate, 1951 to 2013 Source: Bank of Canada and Statistics Canada
  6. 6. $64,352 $62,202 $60,091 $54,391 $53,905 $52,229 $50,456 $48,142 $47,276 $41,981 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Toronto Ottawa Calgary Waterloo Hamilton Quebec Edmonton Winnipeg Montreal Vancouver 2011 Median Total Incomes for 25-55 year olds with Bachelor degrees for Canada’s 10 Largest Metropolitan Areas Data Source: Statistics Canada, 2011 National Household Survey, Catalogue Number: 99-014-X2011040
  7. 7. Average and Median Household Incomes in the City of Vancouver All incomes have been inflation indexed to the 2006 Census Data Source: 1981, 1986,1991, 2001, and 2006 Canadian Censuses 1981 1986 1991 1996 2001 2006 Average Household Income $60,229 $54,792 $61,497 $58,589 $64,750 $68,271 Median Household Income $47,919 $41,710 $46,408 $43,307 $46,985 $47,299 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 HouseholdIncome
  8. 8. Ottawa Washington, DC CalgaryAnchorage TorontoVancouver Halifax HonoluluSan FranciscoBoston Regina Edmonton Seattle San Diego Los AngelesDetroit Denver New YorkPortland Las Vegas New Orleans $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Median Household Income (in 2011 CDN $) Median Value of Dwellings (in 2011 CDN $) Median Household Incomes and Median Housing Values in Selected Canadian and US Metropolitan Areas, 1990 Data Source: Statistics Canada, 1991 Census and US Census, 1990 Census
  9. 9. Washington, DC Calgary Edmonton Ottawa San FranciscoAnchorage Regina Toronto Boston Honolulu Seattle VancouverHalifax New York, NY Denver San Diego Los Angeles Las Vegas Portland Detroit New Orleans $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Median Household Incomes (in 2011 CDN $) Median Value of Dwellings (in 2011 CDN $) Median Household Incomes and Median Housing Values in Selected Canadian and US Metropolitan Areas, 2011 Data Source: Statistics Canada, 2011 NHS and US Census, 2011 American Community Survey (5 yr)
  10. 10. THE CASE STUDY
  11. 11. Study Population Characteristics and Methodology • 172 Westside Single Family Homes Sale Transactions as listed by the Multiple Listing Service in the West Point Grey, Dunbar, and University Endowment Land neighborhoods (West of Alma Street) • All detached home sales from August 2014 to February 2015 (Six months) • Total Study Dwelling Value: $525 million • Average Study Sale Price: $3.05 million (Canadian) > Average 2015 City of Vancouver Single Family Home Total Assessment Value: $1.5 m • Median Study Sale Price: $2.64 million > Median 2015 City of Vancouver Single Family Home Total Assessment Value: $1.1 m Data Source: BC Land Titles
  12. 12. 44 73 23 16 16 0 10 20 30 40 50 60 70 $1.25m to $2m $2m to $3m $3m to $4m $4m to $5m Over $5 m Distribution of Property Prices of Study Population by Price Category Data Source: BC Land Titles
  13. 13. Study Population Sale Prices and Locations by City of Vancouver Local Planning Area Source: BC Land Titles, City of Vancouver, and Statistics Canada Legend Sale Price $1.25 m - $2 m $2 m - $3 m $3 m- $4 m $4 m - $5 m $5 m - $9.1 m Non Single Family Residents / Data Unavailable
  14. 14. Study Population in Context – 2015 Assessment Values Source: BC Assessment, City of Vancouver, and Statistics Canada Legend 2015 BC Assessment Values $1 m - $2 m $2 m - $3 m $3 m - $4 m $4 m - $5 m $5 m - $50 m Non Single Family Residents / Data Unavailable
  15. 15. 2014/2015 BC Assessment Values Change for All Properties in Study Neighborhoods 11% 13% 7% 12% Dunbar-Southlands West Point Grey University Endowment Lands City of Vancouver Average Percentage Change of Total Assessment Values (Land + Building) in Study Neighborhoods, 2014-2015 $218,385 $349,260 $399,182 $160,000 Dunbar-Southlands West Point Grey University Endowment Lands City of Vancouver Average Value Change of Total Assessment Values (Land + Building) in Study Neighbourhoods, 2014- 2015 Source: BC Assessment
  16. 16. Mortgages on Title • 32 properties (18%) held no mortgage • 140 properties (82%) held a mortgage Data Source: BC Land Titles Mortgage, 82% No Mortgage, 18% 34 61 19 13 13 10 12 4 3 3 0 10 20 30 40 50 60 70 80 $1.25m to $2m $2m to $3m $3m to $4m $4m to $5m Over $5 m Distribution of Property Prices of Study Population by Price Category and Mortgage Presence Mortgage No Mortgage
  17. 17. Holders of Mortgages • 140 properties (82% of total study) held a mortgage > 69 percent of mortgages were held by either CIBC, HSBC, or Bank of Montreal Data Source: BC Land Titles CIBC 28% HSBC 25% Bank of Montreal 16% Bank of Nova Scotia 8% Royal Bank of Canada 8% Vancity 5% Toronto Dominion 4% Other 6%
  18. 18. Buyer’s Type of Ownership • 109 properties were listed as have a single name on title • 53 properties listed two names • 2 properties listed three owners • 8 listed as Corporations Single Owner 63% Two Owners 31% Three Owners 1% Corporations 5% Data Source: BC Land Titles
  19. 19. Self Declared Buyer’s Occupations of All Registered Owners on Title • 221 Individual Buyers on Title for 172 Properties with 8 Corporate Owners Data Source: BC Land Titles Homemaker/Housewife 25% Businessperson 21% Manager 5% Student 4% Self Employed 4% Retired 3% Other 38% Top 10 Occupations of All Buyers Number Homemaker/Housewife 52 Businessperson 43 Manager 10 Self Employed 8 Student 8 Retired 7 Accountant 5 Realtor 5 Physician 4 Other 79 Total 221
  20. 20. “Other” Occupations of All Registered Owners Research Assistant (2), Undeclared (2), Unemployed (2), Sales Manager (2), Lawyer (2), Chief Executive Officer (2), Construction Worker (2), Dentist (2), Engineer (2), Mortgage Specialist (2), Sales Representative (2), Scientist (2), Builder (2), Property Manager (2), Doctor (2), Undeclared (2), Professional Investor (1), Director Of Communications (1), Currency Exchanger (1), Bookkeeper (1), Director Of Human Resources (1), Bookkeeper/Fitness Instructor (1), Purchasing Manager (1), English Instructor (1), Director (1), Facilities And IT Manager (1), TV Editor (1), Family Physician (1), Pharmacist (1), Finance Manager (1), Commercial Realtor (1), General Manager (1), Hair Stylist (1), Deputy Minister (1), Admin (1), Site Superintendent (1), Surgeon (1), University Professor (1), Information Technology Engineer (1), Optometrist (1), Chartered Accountant (1), CNC Operator (1), Account Manager (1), Project Manager (1), IT Manager (1), Psychologist (1), Computer Programmer (1), Logistics (1), Consultant (1), Management Consultant (1), Cinematographer (1), Manufacture Manager (1), Senior Account Manager (1), Marketing Manager (1), Software Engineer (1), Marketing Specialist (1), Merchandizer (1), Teacher (1), Civil Engineer (1), Director Of Corporate Relations (1), Notary Public (1), Office Manager (1), Office Worker (1), Interior Designer (1), IT Management Consultant (1) Data Source: BC Land Titles
  21. 21. Declared Buyer’s Occupations of Single Owner on Title • 109 properties with Single Names on Title Housewife/Homemaker 32% Businessperson 18% Manager 6% Student 6% Self-Employed 4% Other 34% Data Source: BC Land Titles *Other: Accountant (3), Property Manager (2), Lawyer (2), Notary Public (1), Facilities and IT Manager (1), Purchasing Manager (1), Family Physician (1), Marketing Manager (1), Finance Manager (1), Engineer (1), Hair Stylist (1), Chief Executive Officer (1), Manufacture Manager (1), Builder (1), Merchandizer (1), University Professor (1), Pharmacist (1), Doctor (1), Psychologist (1), Research Assistant (1), Consultant ( 1), Scientist (1), Site Superintendent (1), Chartered Accountant (1), Director (1), Logistics (1), IT Management Consultant (1) and Interior Designer (1) Top 5 Occupations of All Properties with a Single Name on Title # Housewife/Homemaker 35 Businessperson 19 Manager 7 Student 7 Self Employed 4 Other 37 Total 109
  22. 22. “Housewife/Homemaker” Occupation Property Characteristics Data Source: BC Land Titles • 52 Properties / 30% of Study Population • 36 Dwellings with a Single Name on Title / 16 Dwellings with Multiple (2+) Names on Title • 3 properties did not have a mortgage • Dwellings were worth $1.6 m to $9 m > $1.3 m Average Value / $2.8 m Median Value Mortgage 94% No Mortgage 6% 8 21 9 5 6 1 1 1 0 5 10 15 20 25 $1.25m to $2m $2m to $3m $3m to $4m $4m to $5m Over $5 m Distribution of Property Prices of Study Properties by Price Category for "Homemaker/Housewife" Owners and Mortgage Presence No Mortgage Mortgage
  23. 23. Data Source: BC Land Titles “Student” Occupation Property Characteristics • 8 Properties / 5% of Entire Study Population • 7 Properties with a Single Name on Title / 1 Property with 2 Names on Title • 5 out of 8 (71%) did not have a mortgage • Dwellings were worth between $1.9 m to $7.2 m > $3.2 m Average Value / $2.6 m Median Value Mortgage 37% No Mortgage 63% 1 1 1 1 3 1 0 1 2 3 4 $1.25m to $2m $2m to $3m $3m to $4m $4m to $5m Over $5 m Distribution of Property Prices of Study Population by Price Category for Student Owners and Mortgage Status Mortgage No Mortgage
  24. 24. • Follows the Name Analysis methodology commonly used in Public Health, Political Science and Asian American Studies from the United States • Based on the insights from three papers: > Choi, B. C., Hanley, A. J., Holowaty, E. J., & Dale, D. (1993). Use of Surnames to Identify Individual of Chinese Ancestry. American Journal of Epidemiology, 723-734. > Lauderdale, D. S., & Kestenbaum, B. (2000). Asian American Ethnic Identification by Surname. Population Research and Policy Review, 283-300. > Mateos, P. (2007). A Review of Name-based Ethnicity Classification Methods and their Potential in Population Studies. Population, Space, and Place, 243-263. • Identifies “Non-Anglicized Chinese” names: Wong San Fung or Li Xian (example names) but excludes ethnic Chinese names like Andrew Shui-Him Yan unless otherwise stated. • With an assumption that a non-Anglicized suggest a newer immigrant whereas an Anglicized Chinese name is someone who has spent a much longer amount of time in Canada or multi-generational Canadian of Chinese single origin or mixed decent. • There may be some mis-categorization as an Anglicized Chinese name could be someone who is a new immigrant and a non-Anglizied Chinese name could be a locally born citizen, but after an external review, we feel this is minimal Name Analysis Methodology
  25. 25. Non-Anglicized Chinese Name Analysis by Property Value 88% 94% 78% 56% 57% 66% 13% 6% 22% 38% 34% 30% 5% 9% 5% Over $5 m $4m to $5m $3m to $4m $2m to $3m $1.25m to $2m Total Sample Non-Anglicized Chinese Name Other Names Corporation Data Source: BC Land Titles Number of Units 172 44 73 23 16 16
  26. 26. Surname Analysis by Lenders With More than 5 units + Excluding Corporations Data Source: BC Land Titles 33 Units 38 Units 11 Units 21 Units 6 Units 11 Units 7 Units 28 Units Total Number of Properties 50% 14% 18% 50% 81% 82% 84% 94% 50% 86% 82% 50% 19% 18% 16% 6% No Mortgage Present Vancity Bank of Nova Scotia Toronto Dominion Bank of Montreal Royal Bank of Canada CIBC HSBC Non-Anglicized Chinese Name Other Names
  27. 27. A Region from All Over Residents Not Born within the Residing Province or State Source: Statistics Canada, 2011 NHS; US Census, 2011 American Community Survey 58% 57% 55% 44% 40% 55% 57% 51% 51% 46% Greater Vancouver Toronto Calgary Ottawa Montréal Seattle Portland San Francisco Los Angeles New York
  28. 28. Further Readings 1. Badarinza, C., & Ramadorai, T. (2015, April 24). Home Away From Home? Foreign Demand and London House Prices. Retrieved 23 2015, August, from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2353124 2. Cityspaces Consulting. (2009). Vancouver Condominium Rental Study. Retrieved August 18, 2014, from http://vancouver.ca/docs/policy/housing-role-rented-condo-stock.pdf. 3. Ley, D. (2011). Millionaire Migrants Trans-Pacific Life Lines. London: Wiley-Blackwell. 4. Ley, D., & Titchener, J. (2001). Immigration, Globalisation, and House Prices in Canada's Gateway Cities. Housing Studies , 199-223. 5. Li, W. & Dymski, G. “Financial Globalization and Cross-Border Co-Movements of Money and Population: Foreign Bank Offices in Los Angeles.” Environment & Planning A 36(2): 213-240 6. Li, W., Lo, L., & Oberle, A. (2014). The embeddedness of bank branch networks in immigrant gateways. The Canadian Geographer, 48-62. 7. Li, W., Oberle, A., & Dymski, G. (2007, April). Metropolis British Columbia: Centre of Excellence for Research on Immigration and Diversity. Retrieved from Global Banking and Finance Services to Immigrants in Canada and the United States: http://mbc.metropolis.net/assets/uploads/files/wp/2007/WP07-06.pdf 8. Mitchell, K. (2004). Crossing the Neoliberal Line: Pacific Rim Migration and the Metropolis. Philadelphia : Temple University. 9. Moos, M., & Skaburskis, A. (2010). The Globalization of Urban Housing Markets: Immigration and Changing Housing Demand in Vancouver. Urban Geography , 724-749. 10. Surowiecki, J. (2014, May 26). Real Estate Goes Global. New Yorker . 11. Walks, A., & Clifford, B. (2015). The political economy of mortgage securitization and the neoliberalization of housing policy in Canada. Environment and Planning A , 1-19. 12. Yan, A. (2013, March 21). Foreign Investment in Vancouver's Real Estate Market. Retrieved August 2015, 23, from BTAworks Foreign Investment in Vancouver Real Estate Slide Presentation at SFU Woodwards: http://www.slideshare.net/ayan_bta/btaworks-foreign-investment-in-vancouver-real-estate 13. Yan, A. (2009). Ownership, Occupancy, and Rentals: An Indicative Sample Study of Condominiums in Downtown Vancouver. Vancouver: BTAworks. 14. Yu, H. (2009). Global migrants and the New Pacific Canada. International Journal , 1011-1026.
  29. 29. Special Thanks • David Eby, Member of the Legislative Assembly of British Columbia for Vancouver-Point Grey acquiring and providing the raw data for this study • The external reviewers for their commentary and critique on the methods, presentation, and findings of this study
  30. 30. Percentage of Properties with a Mortgage 88% 85% 68% 50% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Non-Anglozied Chinese Names Anglozied Chinese Names Other Name Types Corporation Total

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