Vancouver needs to get tough on house prices says professor

An academic says that there needs to be tougher regulation on housing in Vancouver to curb rising prices.

Professor David Ley of the University of B.C. says that Vancouver is “out of phase” with other large cities around the world that are subject to high levels of foreign investment.

The Vancouver Sun highlights that Hong Kong, Singapore and London have all acted to make property less affordable for foreign investors, and Australia is threatening jail for those who breach foreign ownership regulations.

Vancouver, meanwhile, is focusing on the effect of empty homes on the city’s prices. Professor Ley told the newspaper that we need to know the level of foreign ownership but that is a sensitive subject with claims of xenophobia when it’s mentioned.

He believes that foreign investors will buy more Vancouver homes, and that the provincial and federal governments will be reluctant to curb inward investment. 

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