It seems ludicrous that the average family can’t afford to buy a house in the city where they grew up.
The Globe and Mail‘s Vancouver real-estate writer, Kerry Gold, has been doing some of the best analysis on our housing dilemma, notably in her most recent column, based on an SFU Urban Studies forum:
If a city defines itself as interdependent communities that are connected, funded and guided by a taxpaying base of businesses and full-time residents, then Vancouverites are now finding themselves on the sidelines.
They’re often not even on the radar of real estate marketers, especially where purchases of high-end properties or bulk-sale condo presales or land assemblies are concerned. Those high-stakes buys drive the market from the top down, pushing prices up across the entire region. And yet a good many of those purchases are made by the mysterious international investor, a nebulous “other” who has all this power and yet so much anonymity…
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