Metro Vancouver suffers a double whammy in regard to outrageous house prices. It's a gateway city for foreign capital. And it's located in a country that compounds unaffordability through unrivalled population growth.
This phenomenon has been captured by Josh Gordon of McMaster University and economist David Williams of the Business Council of B.C. Their research counters past accusations by politicians, real-estate industry executives and pundits that it is xenophobic to suggest such a thing.
And now the Bank of Canada and countless others are recognizing that overall Canadian prices and rents are exaggerated compared to other well-off countries — largely because of Canada’s unprecedented population growth, almost all of which comes from international migration.
Let’s start with a closer look at how the Vancouver region became such an outlier. READ MORE
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