The Conservatives say they’re ready start collecting data on foreign “non-resident” real estate ownership and take action if it’s making homes unaffordable here. That’s if they get re-elected, of course.
We aren’t sure why it has taken an election to prompt this sudden acknowledgement of a huge public policy issue. But we welcome the debate finally reaching the federal level.
Most single-family homes in the area are selling for well over $1 million and two-bedroom condos easily surpass $500,000. These prices are positively ruinous for people making today’s middle class wages, which have barely budged in a generation.
Market rents too have exploded to the point where people are handing over untenable amounts of their income just to get their shelter needs met.
Yet until very recently, all levels of government have been loath to even admit things have gotten out of hand, much less do something about it. Thankfully, that appears to be changing.
That foreign capital is influencing the local market is more than suspect.
Our premier has acknowledged it although she says she won’t do anything that would jeopardize the billions in equity that it’s generated. Vancouver’s condo-cozy mayor has suggested it’s time for a speculation tax. The other major federal parties also have housing strategies in their platforms.
At the very least, we should be collecting data, as most other jurisdictions do.
We’ve been on a slow trajectory to a housing crisis for a long time thanks to the province, the feds and municipalities taking a hands-off, free market approach to housing over the last decades.
What are your thoughts? Send us a letter via email by clicking here or post a comment below.
