Daily Archives: February 8, 2018

Vancouver housing: The view from Singapore​ – The Globe and Mail

Article in The Globe and Mail today regarding foreign ownership of real estate in Vancouver and suburbs.  Definitely applies to North Vancouver:

Quoting in brief:  

Many argue the new city policy to prioritize locals at the start of a presales launch won’t return the housing stock to local income-earners because it’s a question of money earned elsewhere. The percentage of homes in the new buildings that are purchased with foreign money is, of course, an unknown. But the source of the money is, to Mr. Robinson, the crux of the problem. People working at local jobs can’t compete.

“Let’s be real, this is what’s going on: For the last 30 years properties in Vancouver have been bought up by people who don’t earn money in Vancouver and don’t pay taxes in Canada – that’s how you can have the average home price get to 25 times the average income,” Mr. Robinson says.

read full article here:

Source: Vancouver housing: The view from Singapore​ – The Globe and Mail