Quote:
Originally Posted by westopher
It doesn’t mean they aren’t selling. People are using them as 800 sq foot bank accounts. The issue is the usage of the supply being not as intended, which yet again is why I believe there should be a limit on who can own a home, and how many.
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You start putting limit and rules then this is no longer a free country. What's next limiting the number of cars a person can own coz of pollution? Limiting the how many times a person can eat out coz the line up for restaurants are too long? Limiting the number of homes a person can purchase have a large impact of our economy. What if you have an investment company and you invest into real estate do we limit the number of homes a company can buy as well?
Quote:
Originally Posted by G0rilla
As westopher pointed out, we dont have a shortage of housing supply, we have a shortage of affordable housing supply that doesnt correlate with the average household income.
Im assuming most of them are being bought by foreigners who didnt earn their money here, not subject to the same taxes most of us pay, and see it as a safe place to park their money and generate stable returns. Thus pretty much snatching up all the supply, even though prices are ridiculous in our eyes, its most likely a cheap safe option just to get the money out of their home country.
Meanwhile locals are getting antsy, seeing everything being bought up, want to make sure they are able to own also (buy now or never mentality), drive up the demand some more and gobble everything that's available.
Developers are laughing to the bank as people will pretty much buy up anything, deficiencies or not. They can set whatever price they want and people will still purchase
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As long as the foreign investors are paying the taxes and playing by rules they can invest as much as they like. Our real estate is a lot cheaper than in most Asia country. A tiny ass apartment in Hong Kong is like over a few million Hk dollar. Recently my aunt went back to HK sold all of her apartments and moving back to Van. Just one of her apartments was sold for $6million HKD that's 980,411.40 CAD.
Vancouver economy is built on construction for the last 10+ years, you put a stop to it a lot of people are going to lose their jobs. Not just constructions but other jobs related to it will also see a lot of people losing their jobs. BC is a very very huge ass place the gov should really expand to other parts of BC.
Built different industry hub sites in different cities across BC and better transportation to them. IE Vancouver DT can be the hub site for financial, Fort St. John can be the hub site for renew energy and so on and so forth. Right now is just one giant mess where all jobs are in a few areas.