A recent survey shows Hong Kong, Sydney and Vancouver as the top three most expensive property markets.
According to a previous report in Vancouver Sun, Barbara Yaffe said that Vancouver is still considered "a bright shining star on many levels when it comes to real estate." In addition, despite the dwindling price of oil and the steady rise in real estate prices, Vancouver is still a good spot for real estate investments. There have been talks that the nation will be curbing foreign investors in Vancouver's real estate market.
However, regardless of where the investments are coming from, a new survey has found that Vancouver is one of the world's most expensive cities. According to CKNW, today's Demographia International Housing Affordability Survey shows that Hong Kong and Sydney, Australia lead in terms of being the least affordable major urban real estate markets and Vancouver trails right behind.
Some analysts believe that controlling foreign investments in Canadian real estate will have no effect on Vancouver's ever growing property prices. According to CKNW, Australia has done similar measures over the last few months but Sydney still beats Vancouver in the latest survey. Real estate consultant Michael Geller believes that international demand for housing has resulted to unfairly high prices. Gellar said, "I just don't believe that trying to put in place speculation taxes, or special taxes on vacant units are going to address that."
Earlier, results of Angus Reid poll found that two-thirds of the Vancouver respondents blame foreign investments for the price. Geller also said, "They're not going to be as effective as increasing the supply relative to the demand, I really do believe that is an issue in Vancouver."
In the meantime, strict laws that control foreign investments are said to have been in effect for a year now and breaking them can lead to three years imprisonment and fines up to $500,000.
