The Vancouver market remains very strong with prices up, sales up and inventory near historic lows. Not surprising were starting to see cries for the Government to step in and cool this market once again. Over the past 5 years the Government at all levels has thrown everything but the kitchen sink at the market in an effort to try and cool it by focusing on the demand side.
Endless mortgage tightening, Stress Test, Foreign Buyers Tax, Vancouver Empty Homes Tax, BC Speculation Tax, Restrictions and Rental Rate Caps, Property Tax Increases. In the past they have pointed the finger at Foreign Buyers, Money Launders and Speculators as the cause. Today the buyers are all locals. Maybe it’s time we started working the supply side more instead of implementing more taxes and trying to curb the demand side.