Globe and Mail: Incomeless students spent $57-million on Vancouver homes in past two years

Posted in: , ,

September 15, 2016 | Mike Hager

Quoted from the article:

Nine students with no apparent source of income bought $57-million worth of single-family homes in Vancouver’s tony Point Grey neighbourhood over the past two years, according to records compiled by British Columbia’s Opposition New Democrats.

The NDP said the purchases are more evidence that authorities have let the region’s housing market overheat beyond the reach of most locals.

The properties include a $31-million mansion that Canaccord Genuity founder Peter Brown sold earlier this year to a buyer whose occupation was listed on the title document as “student.”

Four of the sales to student buyers were covered by mortgages from three major banks – a fact that underscores how Canada’s banks are inflating the region’s housing market, said NDP housing critic David Eby, who provided data from his provincial riding.

“How did the students qualify for mortgages? Where did that money come from?” Mr. Eby said at a news conference on Wednesday at which he handed out photos of the homes that included the address and the purchase price.

Read the full article: