LETTERS: Buyers on different tiers

Editor:

Re: Towers part of housing crisis, Nov. 16 letters.

Perhaps one other reason for the housing crisis is the off-shore buyers/speculators with no reason at all to reside in our beautiful city by the sea, or anywhere else in Canada.

They have first access to our housing markets. This is a problem for buyers like myself and others in our country of residence who like to have the same opportunity. I have lived in White Rock for 40 years and find that I do not have the same opportunity to buy into these towers. Yet off-shore buyers have already and will continue to buy up Canada towers for the opportunity to flip these units at completion.

Currently being built here in White Rock are two tall towers, and I’m told all units in both are already sold. In fact they were all sold in less than a week before the ground was broken. I am also told that if I wait for completion of these towers, the overseas owner investors will be selling, looking for a large profit.

That could be the case, but other overseas investors will buy these units back on the market at inflated prices. Will this practice ever change?

Bill Iley, White Rock

Just Posted

Students spend night at White Rock shelter

Students hear powerful stories about homelessness on the Semiahmoo Peninsula

VIDEO: Collision in Surrey breaks axle off SUV

Two people were reportedly sent to hospital

PHOTOS: Snoozing seal pup captures attention at White Rock Pier

Dozens of seals spent the day at White Rock’s iconic structure

A look at White Rock’s next council agenda

Following a public hearing, council will hear annual reports from a number of its committees

‘Meet Your Muslim Neighbour’ event bridges gap on Semiahmoo Peninsula, association says

Event serves as an educational space for residents in South Surrey-White Rock

Teen with cancer whose viral video urged Canadians to vote has died, uncle tweets

Maddison Yetman had been looking forward to voting in her first federal election since junior high school

VIDEO: Giants toppled by visiting Hurricanes

Sunday afternoon play at Langley Events Centre saw a team from Lethbridge defeat Vancouver, 6-0

Security camera records hatchet attack on Langley store owner

Target escaped uninjured, but was ‘upset’ by incident

Rowing Canada, UVic investigate celebrated coach for harassment, abuse

Lily Copeland says she felt intimidated and trapped by Williams

Cleanup in the works after tanker truck fire leads to oil spill in B.C.’s Peace region

The province said the majority of the spilled oil likely burned away in the fire.

BC VIEWS: Action needed on healthcare workplace violence

While we’ve been talking about it, the number of B.C. victims has only grown

VIDEO: Vancouver Giants blank Cougars 4-0

Goaltender David Tendeck turned aside all 38 Prince George shots for his WHL-leading third shutout

Closing arguments begin in B.C. case launched in 2009 over private health care

Dr. Day said he illegally opened the Cambie Surgery Centre in 1996 in order to create more operating-room time

Most Read

l -->