Originally Posted by Yume-sama
Well, the statistic is about 3% of actual foreign ownership in Vancouver.
Of course, then we can all argue about what being "foreign" means as we do every few weeks, here.
I also don't see much of a problem with the elusive wealthy foreigner driving up the price of multi-million dollar "luxury homes" (as is the basis of this thread) that you weren't going to buy anyways.
But the problem is the trickling effect the selling prices will have on adjacent properties, which goes on to affect the prices of homes in adjacent neighbourhoods.
It's not the luxury homes one is buying into. It's also about the location in the neighborhood (ie. the land). It doesn't matter if the home right next to the mansion is a bungalow, because the owner of the bungalow can now sell it for a lot of $$$ just because it's right next to a mansion (which can also translate to the potential for redevelopment).
If they are truly settling in Vancouver, then I have nothing to complain against as people regardless of income have every right to move to here. However if they purchase property so they could spend three weeks in a year, that's a problem for a land-challenged region.