The BC Real Estate Association insists, despite strong opinions on the issue, there is little evidence to show foreign buyers are responsible for putting homes out of reach for Vancouverites.
The association’s market analysis was one of two used by Premier Christy Clark in her response to Mayor Gregor Robertson’s request for a speculation tax.
Its chief economist, Cameron Muir, says the numbers available just don’t back up putting in a tax.
“To try and connect foreign investors who are buying luxury homes for recreation in the several-million-dollar range and how that’s eroding affordability for first-time buyers — that connection is very, very difficult to make.”
Speaking on the Jon McComb Show on CKNW, Muir says if you look at any larger city in North America with a strong economy, finding a single-detached home right in the urban core is very expensive.