If it’s been a while since you listened to the radio, make the next time you turn up the dial The Early Edition with host Rick Cluff on CBC Television. His take on local news as well as the influence of international affairs on our local communities in the Lower Mainland are spot on. One particular podcast caught our attention recently, when Cluff spoke with several experts around the globe about the current state of our real estate market. The round table discussion puts an interesting perspective on our market as part of the whole. Read on, or listen to the full podcast here.
CR: Sound familiar? Kathleen says she’s interviewed realtors in parts of the bay area who say that 20-30% of their sales are to foreign buyers.
RC: So what are they doing in San Francisco about foreign ownership?
KP: Nothing! As far as I can tell there doesn’t seem to be any effort to find out how many are buying or restricted in any way which is kind of surprising because there’s been a lot of protests against the tech people. In the Pier area there’s a lot of animosity that all these high paid tech workers are driving up the costs for everybody. We’ve had protests in front of school busses and that sort of thing.
CR: And that’s a discussion that’s starting to emerge in Vancouver too: on the impact on our local economy if foreign investments begin to back out of town.
CR: Of course we hear that concern in Vancouver, too, about the danger of conflating international investors with Chinese-Canadian residents or new immigrants.
RC: So what’s Australia done then about the actual issue of foreign ownership?
RC: So then is Australia a model that Vancouver should be considering or further investigate?
CR: I had a really interesting conversation with Allison comparing the rules in Australia with those in Canada.
CR: So if we do decide foreign ownership is a problem that needs solving here in Vancouver, I’d say Australia can definitely offer some ideas, but also some lessons: there is no perfect solution.
What’s your take on foreign investment in Vancouver? Let us know in the comments!