While the British Columbia government plans to take aim at shadow flipping and foreign investors, one real estate analyst says there is a bigger problem for Vancouver’s hot housing market. Council regulations which restrict resident numbers in rental property does more harm than flipping or foreign investors says Don Campbell of Real Estate Investment Network.
"You've got these small little groups of three or four people in each of these condo buildings saying, 'You know what, no rentals — we don't like renters,” he told the CBC.
Campbell wants policymakers to consider outlawing stratas which restrict the market, to free up more availability of rental properties. He is also calling for taller buildings, highlighting the low supply problem.
High-rise is the answer for Burnaby; a report shows that the city will outpace Vancouver for residential towers in the next 25 years. There are 106 developments already underway in the city providing 30,000 new units with Colliers International reporting that 47 of them are at least 40 storeys high.
“In Vancouver, outside of downtown there are effectively less than a handful of projects where you can do towers. You are not going to find a site in Vancouver to build a highrise, so where are you going to build it? You are going to find it in Burnaby or Coquitlam,” Colliers’ David Taylor told the Vancouver Sun.
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