Vancouverites have always been pretty cautious in expressing an opinion about foreign real estate investors in the city. Those who have tackled the elephant in the room have even been called racist. I think we’re a generally kind bunch here in this city (forget about those who stab each other over taxis or set cars on fire when their hockey team loses). We apologize when someone bumps into us on the bus, for heaven’s sake. For the most part, we’ve remained pretty quiet around investor immigrants contributions towards the absurd property prices in Vancouver…until now.
The South China Morning Post recently reported that Canada has put the kibosh on the Investor Immigrant Visa Program. When CBC posted the story on their Facebook page, the floodgates of comments, supporting the government’s decision was astounding. Low and behold, it turns out, we do have an opinion about this. For the most part, it would seem that people are very happy with this decision…many saying it’s about time.
I think in the short term, we will see little change to the Vancouver real estate market as a result of this decision. We may witness a surge of listings as homeowners sitting on assets worth millions try to cash out before the foreign money train comes to a halt. Perhaps, those who own property at the moment might try to sell, holding their earnings in the hopes that we’ll see a correction in the market as the investor immigrant influence decreases. In the long term, however, it’s tough to say what the result might be.
What do you think? Are you surprised by people’s opinions on this? What impact do you think the government’s decision will have on the Vancouver real estate market?