High House Prices in urban British Columbia: foreign buyer fact or fiction?
Why are house prices so high in urban British Columbia? Several non-economists claim that foreign buyers are the reason. Economists claim that although foreign buyers have a modest impact, Canadians are the main reason. Most Canadians prefer the theory that foreigners are to blame.
Stats Canada researchers and Government of Canada economists recently released a study showing that foreign buyers were only a small part of the market and this number was expected historically.
Some non-economists suggested the researchers were misleading while others claimed the foreigners were hiding their role. Stats Canada has agreed to research further the possibility that foreigners were using sophisticated techniques to escape detection.
House prices in Vancouver, Burnaby, Richmond, Surrey as well as Toronto and other urban areas in Canada have been rising. This is debated and explained in this video documentary issues of bubble, forecast and price and crash are being discussed in the media and the public.
This video documentary was created to explain, describe and give insight into why his prices are rising in Vancouver and other urban areas while certain members of the media and academics are blaming foreigners.Tags: British Columbia, economics, housing, housing costs