Quote:
Originally Posted by Tapioca
^ Then I hope that you get out and vote for people who will destroy the equity that people have. You want house prices to where they were 3 years ago, then you would in effect screw over a lot of people who probably took big risks. If that is what you're saying, you're no better than the people who gloat about the risks they took and are riding paper gains.
I personally believe that foreign ownership represents just one cause of a perfect storm that is the real estate market here.
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Let's be honest here, prices are most likely not going back down past what they were a few years ago. So what if your house goes back down to what you paid for it, heaven forbid. What big risk did they take? They bought a place to live in. If their plan is to live there then that's not a risk, unless they decided to buy a place they couldn't afford the payments on, and then that's on them .
Over the next 20 years prices will go up for sure, population isn't going to decrease, so demand will increase the prices everywhere in the lower mainland if you're willing to stay where you live.
I'm not a villain for wanting prices to reflect what people earn in this city. Say what you want about it not just being foreign ownership, but one in ten houses being sold to foreign "investors" isn't peanuts, its the biggest factor bar none.