China’s entire modern “economic miracle” is founded on housing as an investment vehicle.
You can in part blame Canadian Conservatives in BC, specifically Bill Vanderzam, Christy Clark, Gordon Campbell and Kevin Falcon; as well as federally, Brian Mulroney and Stephen Harper, for importing this behaviour and concept from Asia and its rise here. Initially in the late 1980s and early 1990s it was about attracting the elite of Hong Kong, who were afraid of what the handover of Hong Kong to the CCP would mean. (And rightly so, as it turns out.)
Vancouver BC is infamously unaffordable, and its entirely because of investors, both national and international using its real estate as a ridiculously effective investment vehicle. If you had purchased a home in the suburbs for 500k in 2006, that home would be worth well over 2 to even 3 million dollars today.
When Vancouver started capping out and hitting limits investors moved on to apply the same practices all over the continent.
Investors.
China’s entire modern “economic miracle” is founded on housing as an investment vehicle.
You can in part blame Canadian Conservatives in BC, specifically Bill Vanderzam, Christy Clark, Gordon Campbell and Kevin Falcon; as well as federally, Brian Mulroney and Stephen Harper, for importing this behaviour and concept from Asia and its rise here. Initially in the late 1980s and early 1990s it was about attracting the elite of Hong Kong, who were afraid of what the handover of Hong Kong to the CCP would mean. (And rightly so, as it turns out.)
Vancouver BC is infamously unaffordable, and its entirely because of investors, both national and international using its real estate as a ridiculously effective investment vehicle. If you had purchased a home in the suburbs for 500k in 2006, that home would be worth well over 2 to even 3 million dollars today.
When Vancouver started capping out and hitting limits investors moved on to apply the same practices all over the continent.