And yet, hiding behind an absence of good data, government officials have mostly refused even to admit that foreign capital is making it impossible to buy a house in Vancouver
“Vancouver is in a different league,” he said. “It is probably among a select group of global cities where home prices are not connected to the local economic fundamentals.”
VANCOUVER — The Canadian and British Columbia governments are complicit in fuelling Vancouver’s housing crisis as foreign Chinese buyers continue to shut local residents out of the market, a new study says.
In an email to CBC News, Vancouver Police confirmed a patron of the mosque put out the fire that burnt the corner of a box.
But the bad news doesn’t just affect people who haven’t bought yet. Upgrading from a condo to a house in these cities would become a mere fantasy for many in the middle class under these scenarios.
“Foreign investment drives the top end of the market,” says David Ley, a geography professor at the University of British Columbia who has spent sixteen years studying Asian investment in gateway cities. “Anyone who says otherwise is either misleading or misled.”
There has, however, been virtually no discussion of the elephant in the room — the constant pressure on the availability and cost of housing created by continuing large-scale immigration.
Vancouver-Point Grey MLA David Eby says the people who want to shut down the conversation are the ones who are profiting from bringing the world’s super-rich to Vancouver. “And they’re doing that by calling the conversation racist.”
From this, Routledge hypothesized that “for every three high net worth investors from China who purchase a U.S. residence, one purchases a residence in Vancouver.”
VANCOUVER — Canadian politicians, keen to stimulate B.C.’s economy, are responsible for creating the conditions that created Metro Vancouver’s housing affordability crisis, according to a new study.