Quote:
Originally Posted by twoNeurons
Every dollar that goes into housing is coming out of liquidity. It’s a dollar less for saving, investing, growing, insuring against the unforeseen and the future needs of your family. It's not a balanced economy. Although the problem is magnified in Vancouver, it's across Canada. The reality is the foreign monies' argument is nothing but a real estate boogeyman to take the attention away from the real problem, the real problem that no political leader wants to touch. It is us. Putting controls on foreigners won't change prices because LOCALS run real estate. Without the "foreigner" to blame, who is there left? That's my 5¢
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You make some salient points above but I maintain (as a foreigner myself) that my argument isn't a simplistic one seeking to superficially blame foreigners or the Chinese alone. I do agree that local Canadian banking laws/regulations are also in the "blame mix"....but you can't ignore the real (world) market forces of EFFECTIVE demand versus relatively static (if not shrinking) housing supply! Vancouver's high housing cost issues do not exist in say unpalatable Prince Rupert or Whitehorse,.......because (in part,..and even with the same nation wide Canadian banking regulation in effect) wealthy foreigners (and locals) aren't seeking to live in a frozen icebox/barren wasteland (and no disrespect to colder climes meant here)!