Re: the story on Andrew Weaver, BC Green Party Leader  calling for a ban on foreign buyers.

CMHC has consistently said foreign buyers are not a big influence in the market. They represent between 4% to 5 %. 

Andrew Weaver is just another BC politician claiming more expertise about housing than those building & selling homes for a living.

Our view:

  1. Demand caused by large millennial demographic predicted in Foot’s book Boom, Bust & Echo
  2. Greenbelts like ALR & municipal Urban Containment Boundaries restrict growth)
  3. Small community groups, municipal councilors obstruct density in areas available for housing
  4. Australian study shows prices rise by big double-digits due to zoning restrictions
  5. Housing now used as cash machine by govts (PTT GST DCCs fees amenities)
  6. CD Howe Institute shows govt regs & fees add more than quarter million to new homes in Victoria housing

These facts don’t play into most BC politicians’ scripts requiring scapegoats.

Historically, prices experience double-digit increases after periods of stagnation, most recently experienced from 2009 – 2015. From 2003 to 2005, housing prices also increased 41% after a period of stagnation. Nobody blamed pensioners, out-of-province Canadians or foreign buyers – now the favourite villains of any uninformed politician with voters or media within earshot.