A new report on Metro Vancouver’s sky high real estate prices says speculators and foreign buyers aren’t driving the market.
Instead, the study from UBC’s Sauder School of Business points the finger at red tape, which it says is driving up construction costs.
Author James Tansey said he wrote the study, which is based on a review of existing government and academic studies, after becoming frustrated with the debate he was hearing on housing policy.
“The factors driving that are really much more tied to the success of the economy, to population growth and to high interest rates, and have very little to do with foreign buyers and speculation,” Tansey told Global News.
Full Story Here: https://globalnews.ca/news/4243910/ubc-housing-report-red-tape-speculators/