The real estate in Yaletown, Vancouver BC, is perhaps going to be the probable central causes for a resurging housing bubble that hit the US a decade ago. Adjunct economic housing instability has engrossed a fury of housing spectators, disenfranchised students, and residents towards a political decry.
Most spirited candidates once believed that half a million dollars could get them a beautiful offshore mansion. The reality is however different. 500,000 $ is only equivalent to a small residential condo. This is exactly why most people believe that the housing market is out of control.
Now, certain spectators believe that the city’s housing market was being covertly restructured to supply millionaires in the third world countries with a medium to vent out their black currencies through investment. Others believe that extreme housing prices are due to a lack of political management of funds and resources, forcing the housing sector to collapse because of changes in the global dynamics. Now everyone has their own peculiar hunch, so here are certain trends that have really taken British Columbia aback.
Real Estate Tyranny
The law of capitalism says that the rich get richer and the poor get poorer. This could exactly be the case here. Most multi-million dollar tycoons are investing from their pool of wealth into real estate to create secondary sources of income through investment. Exorbitant lumps of wealth need to be utilised and real estate, well, it’s the best way to block your money!
International agencies reckon that shell companies own most high-end properties in posh areas. Within Vancouver’s city limits, around 99 percent of the single detached houses are now assessed at $1 million. More than 20,000 Vancouver homes get vacant every year. Vancouver’s rental vacancy rate is hovering just below one percent! This means that property sale and purchase have taken a leap forward, and people other than the middle class are reaping vital benefits from this!
- Foreign Ownership and Immigration
Foreign nationals are taking advantage of having access to quality real estate. There are a plethora of opportunities for Non-Canadians to buy, invest, and extract profits from real estate. Most immigrants are finding it rather tough to attain affordable accommodation, yet there a rich group of ‘so-called’ sophisticated immigrants that spur up the real estate prices with their barrels of wealth.
The trends of real estate in Yaletown, Vancouver aren’t on the people friendly side. Perhaps, proper governmental action and holistic mortgage policies could help control the snowballing effect of prices. Developing punitive housing taxes and other measures to prevent illegal money from entering into the Canadian economy is the right step forward.