Foreign investment less than 5 per cent of market: real estate association

Included in the report, figures taken from an informal poll by the Real Estate Board of Greater Vancouver

Plus, a Fraser Valley drought and Vega’s big sale 

Our best guesstimate
Despite a lack of hard data, the British Columbia Real Estate Association (BCREA) estimates that foreign buyers account for less than 5 per cent of home owners and buyers in the Lower Mainland. A number, a new report says, that is “insufficient to impact a market as large and diverse as Metro Vancouver, save for a small segment of luxury homes.” Convinced? Here’s the full report. The BCREA represents about 18,500 B.C. realtors.

Hot damn
Many Fraser Valley farmers are preparing for a drought this summer as hot, dry weather continues throughout the region following a winter that wasn’t. “I’m seeing a lot of brown lawns and people irrigating their fields, which is quite unusual for this time of year,” Chilliwack city councillor Chris Kloot told the CBC. In May, neighbouring Washington State declared a statewide drought emergency. (via CBC)

Vega’s mega deal
On Wednesday, Sequel Naturals Ltd.—which sells natural health and performance nutrition products under the brand name Vega—announced the sale of its Burnaby-based company to WhiteWave Foods Company for US$550 million. What does that mean for the Vega brand? Only good things, founder Charles Chang says. Read our Q&A here.