Quote:
Originally Posted by GenWhy?
Who is denying that no investment money from directly overseas for from overseas investment through Canadian family members are participating in Metro Vancouver real estate? The demand is real, and the system allows it.
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Except the pace of development is sold to residents as "we need to build this to help affordability". You see people parroting that here all the time. In reality it does no such thing. Look at the 1000 block of Barclay where affordable rental/strata was assembled by Westbank and Bosa in the hopes of building luxe condos, largely for offshore buyers. In that instance they found an even greater fool to pay an outlandish sum for the site, so they didn't even have to build a thing.
While I applaud you for building rentals, as long as the Mainland Chinese buyers is present, what you build will never really be "affordable". The City should be bold and seize the power they are going to be require all developments downtown to be 100% rental. Nothing would deflate land values faster.