housing affordability in Vancouver
a new report suggests the real reason why prices are setting new records.
The study, published by consulting group Coriolis, concludes the Vancouver has become “part of a global real estate market” and attracts investment from foreign as well as domestic investors together with local homebuyers.
The report, which was commissioned by the city, supports Mayor Gregor Robertson’s argument that there should be higher provincial taxes on luxury homes and a speculation tax on investors; though both measures were rejected by Premier Christy Clark.
Clark and others believe that it is the city’s development fees that are to blame.
The Coriolis report dismisses the idea that Vancouver’s City Amenity Fees are fuelling home prices and suggests that they are in some cases boosting affordability with money raised being used for affordable units.
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As residents, the housing industry and politicians debate