Concerned about the housing market in Vancouver and think something should be done about affordability? You probably believe foreign buyers are partly to blame for running up prices.
You’re probably a racist.
Unfortunately it seems we live in a city full of racists as more and more people express concerns about things like assignment flipping, livable teardowns and empty homes. Or at least you can call them racists in an effort to shut down the discussion.
David Fine writes in the Huffington Post:
We are both assured that foreign investment is actually not a significant issue and at the same time, by the same people, told that any restrictions on foreign property investment would cause serious damage to our home equity, the construction industry and the residential sales industry.
Guess what, it can’t be both! There really is no doubt that foreign property investment is a significant part of home sales in Vancouver and real estate companies know it. They have offices in China and appeal directly to offshore buyers through advertising in Chinese media. It’s big business and it’s fuelling rampant speculation.
This is about foreign money, not foreign people. We have duties and tariffs on all kinds of foreign goods and industries to protect our economy. Why nothing on our homes?
Read the full article here.