June 13, 2016 | Michael Smyth
Quoted from the article:
“She’s not talking about the dominant issue that people are concerned about,” NDP critic David Eby told me Monday.
“That’s the speculation of international money that’s coming into our housing market and the need to crack down on that.”
There seems little doubt the Metro Vancouver market has been distorted by the billions of dollars flowing out of Mainland China. Other jurisdictions, including Australia, have experienced the same thing and imposed restrictions on offshore purchases.
But Clark argues the answer is to get municipalities to reduce building fees and speed up permitting times to get new housing on to the market, something Eby thinks will make little difference.
“We’ve got some of the densest neighbourhoods in North America,” Eby said. “There are record-high numbers of construction starts. And affordability couldn’t be further away.”