A few of you have already pointed out this article, but it’s worth a read if you haven’t seen it.
It’s a problem when Vancouver condos sell but the lights stay off
There are a number of ways you could address the problems created by a speculator driven housing market, but no move to do so yet.
Here’s one point from Sandy Garossino about the kind of units we’re building downtown:
“I think we are creating a form of housing that is perfectly suited to speculation. It couldn’t be more suited to speculation.
“They are completely interchangeable, one suite is like another suite. This is the kind of thing that drives easy trading. It’s not completely liquid, but it is a lot more liquid than say a house on a lot. So, from a policy standpoint, what we should be doing is looking at the kind of housing that speculators don’t like.
“The public policy from my perspective should be to cool that market, because it’s driving market confidence. Market confidence should match market conditions.”