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Crucial factors driving price growth in Vancouver

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Ephraim Vecina | 27 Apr 2016, 08:15 AM Agree 0
Virtually unrestricted foreign investment and unethical industry practices are among the main reasons for Vancouver’s sky-high real estate prices, an analyst said
  • Daryl | 27 Apr 2016, 05:31 PM Agree 0
    The deliberate blindness continues. No mention of Canadian factors: artificially low interest rates, Harper's $600 billion taxpayer bailout of banks with CMHC mortgages, nor the continued easy mortgage lending caused by loose transactional banking rules that allow banks to create unlimited amounts of money in the system through mortgages and other debt, and allows ridiculously low bank reserve ratios. Much like Trump in the states, it seems that Canadian "experts" are quick to spot foreign culprits while remaining blind to our own banking regulatory issues. Recently, this magazine published the CMHC foreign ownership findings:

    "Highlights from the report include;
    In the Toronto CMA, the share of foreign ownership is less than 2% for buildings completed before 1990 and 7% for newer constructions completed since 2010. This effect is even more pronounced in Toronto Centre where about 10% of the newer stock is owned by foreigners.
    In the Vancouver CMA, foreign buyers’ share rises from less than 2% for properties built before 1990 to about 6% for those completed since 2010."

    Tell me again how all the blame belongs on the 6% foreign ownership in Vancouver? Are the 94% of owners who are Canadian, using cheap Canadian bank money printed out of thin air not worthy of some accountability?

    Isn't it time to stop the debt-based money scam that is modern banking and follow the lead of Iceland to return the power of money creation to the government? If you are fed up with housing prices out of touch with reality, lay the blame where it belongs, on the doorstep of banks who create debt fueled bubbles repeatedly to enrich themselves at Canadian's expense. Private banks led by the BIS have pocketed over $1 trillion in interest on Canadian dollars since 1974. It's time to stop the scam.
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