Dear Editor:
While it is interesting to read all the figures and problems about housing in the media today the key issue is: where is this scenario going?
Cannot some forecaster (at the Urban Land Institute or university, say) examine the future result of the continuing increase in prices and its effect on who will live here in Vancouver and its suburbs.
It is vital that local Canadians appreciate what the future brings if our governments are short-sighted enough to not step in now and stop overseas buyers entering our real estate market.
Six months ago, housing costs were rising at 20 per cent per year, three months ago it was 30 per cent and today the typical house price in West Vancouver is $2.4 million, up 11 per cent in the last quarter or 33 per cent in the last year.
No one around here can compete, or wants to, against this cash inflow, except perhaps real estate agents who are flogging our land overseas, so the simple inevitability is that we will be displaced along with commercial businesses.
Please provide an article or articles telling local Canadians where this insane market is leading us.
Patrick Hill
West Vancouver
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