Last week, an article was written regarding how foreign money’s coming into Vancouver, making homes here quite unaffordable. To quote a news article from the website Vancourier:
“Comforting as it may have been for Premier Christy Clark to announce that her government planned to more tightly regulate “shadow flipping,” it is really a side show when it comes to the problem of housing affordability.
Curious, you might think, for this move to be made in the midst of an investigation, called for by the premier to look at this very matter among a number of other sleazy practices carried out by realtors to improve their bottom line.
But Clark did have NDP MLA David Eby nipping at her heels, offering up his own legislative solution. She just had to get ahead of all that.”
My initial thoughts was to agree with the post because it’s true, foreign money is coming here but after some considerations, I believe this may be a misconception. To find out why I believe it’s a misconception, tune in next week, where I will discuss why this is a misconception and it’s articles like these that are causing panic in the Vancouver housing market.