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