Foreign buyers crushing home dreams in Vancouver as Canada, B.C. do zip: study
VANCOUVER — The Canadian and British Columbia governments are complicit in fuelling Vancouver’s housing crisis as foreign Chinese buyers continue to shut local residents out of the market, a new study says.
Josh Gordon, the study’s author and assistant professor in the School of Public Policy at Simon Fraser University, said people whose dreams of owning a home are being crushed because they can’t compete with foreign investors no longer accept “distraction” excuses such as low interest rates for the state of the super-heated market.
“People recognize what’s going on, and they’re willing to call a spade a spade,” he said, stressing that such views are based on reality, not racism.
His report compiles a number of other studies, including data on home-buying trends, population density, the cancelled immigrant investor program, and American research on the same issue.