The sign of chaos between Vancouverites as a result of high housing prices was evident from the beginning. First-timer buyers being unable to buy houses as opposed to older buyers who are already well established ; resident investors versus foreign investors.
In the coming months, British Columbia with federal officials will be asked to put measures in place to protect against hostility and racism that is currently a problem for the U.S and Europe.
There have been various reasons for the increase in housing prices and although man y Vancouverites claim that foreign investors are to be blamed, there is no evidence of their claims. However, local supplies, limited supply of houses are some of the most proved causes of the increase in the housing prices.
The government however has the means to improve on the supply of homes but keeping up to its promise of constructing affordable homes that the private sector failed to do.
Despite the fact that foreign buyers have little influence on the market prices, the tax of foreign investors requires to be reexamined but also local investor’s ability to change market prices should also be considered.
The current housing crisis should not be procrastinated but be handled with immediate effect before it gets out of control.
Vancouver which is one of the world’s leading cities in terms of real estate requires drastic measure to prevent future collapse.
The Vancouver market has over the year climax in prices which has made it quite impossible for buyers to purchase. The increase in prices has also lead to the increase in rents which in turn affects renters.