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Weaver Pursues Housing Scapegoats

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 http://www.vrba.ca/boom-bust-echo-summer-reading-for-bc-govt/
  2. Greenbelts like ALR & municipal Urban Containment Boundaries restrict growth) http://www.vrba.ca/vrba-speech-at-oak-bay-town-hall-re-speculation-tax/
  3. Small community groups, municipal councilors obstruct density in areas available for housing http://www.vrba.ca/recipe-zero-development/
  4. Australian study shows prices rise by big double-digits due to zoning restrictions http://www.vrba.ca/higher-taxes-wont-make-homes-affordable/
  5. Housing now used as cash machine by govts (PTT GST DCCs fees amenities) http://www.vrba.ca/saanich-development-costs-escalate/
  6. CD Howe Institute shows govt regs & fees add more than quarter million to new homes in Victoria housing http://www.vrba.ca/govt-regulations-cost-quarter-million-dollars/

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.

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