Quote:
Originally Posted by whatnext
That’s simply not true. Foreign MONEY has been an issue since around 2005. As the article says, it isn’t just a direct buyer. It’s the astronaut parents buying Winnie a $3 million house while she gets her undergrad. I’ve given countless examples showing historical SFH Vancouver house prices taking off like a rocket shortly after the new millennium. That only happens when there’s a huge influx of buying detached from local incomes. We’ve been building supply well in line with historic norms.
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At that point it is a domestic purchase. If the buyer is living in Canada or is a Canadian citizen it is a domestic sale.
We are not going to stop parents from loaning or giving money to their kids.
Yes, I do think the current pricing is unreasonable and would love to see them stop increasing. I just don't see the feds can do much to control the private market.
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