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City Conversations | Fixing Vancouver’s Inflated Housing Market
February 18, 2016 @ 12:30 pm - 5:00 pm
Despite thin data, there has been widespread belief that foreign buyers looking for safe havens for their cash have inflated Vancouver’s housing market, and further tightened the market by leaving homes empty. The province has been reticent to address the issue. Stepping into the breach, some economists and academics have proposed new taxes on buyers who pay little or no B.C. income tax.
Then investigative reporter Kathy Tomlinson of The Globe and Mail did a bombshell story on how some Realtors are using legal (but controversial) sales contracts to create multiple sales of the same property, gaining commissions— and sometimes a portion of the sale price— with each flip. The original seller gets less than the final sale price, while the last buyer overpays. Then the house sits empty while the new owner plans to replace it with a larger house— and the cycle may begin anew.
To help you understand what’s going on and what to do about it are reporter Kathy Tomlinson of The Globe and Mail; Professor Rhys Kesselman of SFU’s School of Public Policy; and UBC Sauder Professor Tom Davidoff.
Then it’s your turn to question, observe, and offer your perspectives and opinions.
Registration is not required. Please arrive early as space is limited.