While opinions differ on both the level and the impact of foreign ownership of homes in Vancouver, many of the city’s residents are fed up with rising prices making the city unaffordable.
An academic says that there needs to be tougher regulation on housing in Vancouver to curb rising prices.
Real estate hotspots such as Australia and Hong Kong are clamping down on foreign investors, with some suggesting Canada should follow suit with a tax on those buyers.
The high prices of houses in West Vancouver, where the average cost of a home rose 3.8 per cent to $1.67 million in December, is already having an impact on the value of surrounding areas.
Brokers sceptical over CMHC foreign ownership data… Rental vacancies increase but still tight in many areas… Harper says the budget will still balance despite lower oil revenues… Housing starts fall in the US…
In a first for CMHC, the Crown corporation has asked property managers in its Rental Market Survey to disclose what percentage of units are owned by foreign investors.
Nobu Residences is a new condo development by Madison Homes located in downtown Toronto
Learn more about pre-construction condos in one of the hottest Canadian markets
M City Condos is a multi-tower community development in Mississauga and will soon launch this March