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If the average family income is 67K, then I guess what people want is a conventional detached Vancouver special-style house with a basement suite north of the Fraser River for 400K.
No combination of foreign resident or speculation taxes will ever lower values for detached homes to this price range. The ship has sailed, unfortunately. The only way houses reach these lows again is an external event which causes hundreds of thousands of people to leave Metro Vancouver. There are very fewer and fewer detached lots in Metro Vancouver every year. People want land and there's less of it to go around.
I think the decision-makers realize it's FUBAR - there's no way to solve this crisis without hurting someone or some group of people in the process. It's something I've laid out previously in this thread in terms of the dynamics at play.
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