Acedmics are joining the chorus of calls asking why issues of speculation and foreign investment were left out of the Premier’s “six principles” on affordable housing.
Josh Gordon is with the School of Public Policy at Simon Fraser University.
“It’s actually stunning that they are still not at this point recognizing the influence of foreign capital. The consensus on a national level is clearly moving in that direction, you now have the big banks essentially saying this.”
WATCH: Premier Christy Clark outlines her six principles for affordability
BC Real Estate Association Chief Economist Cameron Muir has argued that price increases are chiefly driven by the BC economy.
But UBC’s Thomas Davidoff says that’s not true.
He points out that Vancouver is pushing double the ratios of price-to-rent.
“In that sense, it cannot be local taxpayers driving things, the valuations are coming from people from overseas who like our low property taxes, and no questions asked approach to income taxation.”
The BC NDP’s are also asking why Clark omitted foreign investment during her video release.
Housing minister Rich Coleman says the province is working on that issue too, and will have an announcement in the coming weeks.