It would be interesting to find out if there is truth to rumours that foreign buyers are snapping up older homes in Vancouver neighbourhoods and holding them, empty, for investment.
If it exists, that dynamic might be causing a ripple effect on suburban house prices, pushing people out of Vancouver into the suburbs as they seek less expensive, but still costly, single-family homes.
The province is looking into the matter and considering adding a third tier to B.C.'s property transfer tax to charge more when expensive homes change hands.
But the province isn't the only actor on the stage. Cities also need need to make sure there is a wide range of housing choices and provide more options for denser living — but still ground-level housing — for people who don't want to raise families in apartments. It will take some time but some older single-family neighbourhoods may need to transition to townhouses and duplexes so people can still afford to live here.
