Foreign ownership is to blame for the soaring home prices in Vancouver and the provincial and federal governments aren’t doing enough to curb it. That’s the conclusion of a study by Josh Gordon, assistant professor in the School of Public Policy at Simon Fraser University, who says that the dream of home ownership is being crushed and that lower interest rates are no longer accepted as the reason for high prices.
“By linking the crisis unambiguously to foreign ownership and investment, documenting the major harms of the affordability crisis, and proposing a policy route out of the current mess, the report hopes to harness the city’s resentment and dispel its resignation,” Gordon told the Financial Post.
The BC government will introduce new rules on contract assignment next week and will collect citizenship data on buyers from June.
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