Steve Randall
Other
The topic never goes away for long; the effect of foreign investors on Canada’s property market, particularly homes in Vancouver and Toronto. The debate is currently a hot political issue between Vancouver Mayor Gregor Robertson and BC Premier Christy Clark but while there is debate on how much of an impact foreign investors are having on the market, there is agreement that data is lacking. The BC Real Estate Association says that inflated Vancouver house prices are less to do with investors and more a problem of geography and stifled supply. However its chief economist Cameron Muir admits that data is scarce. Meanwhile Burnaby-Douglas MP Kennedy Stewart told 680News.com: “People are putting forward all these solutions on how to fix so-called foreign speculation, but we don’t even know if it’s really happening.” He says it’s a big worry as it could “mess up the housing market” if the wrong solution is applied. CMHC says it is looking at how data can be collected.
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