Foreign ownership impacting Vancouver market, says candidate

An independent city council candidate in Vancouverhas said that the impact of foreign ownership onthe city's skyrocketing housing prices is the most important issue that isn't being discussed by leading mayoral candidates.

Sandy Garossino said that while Suzanne Anton and Gregor Robertson talk a lot about affordable housing, they aren't discussing solutions to the high demand that is driving real estate prices.

"It's clear that we've got a lot of international capital coming in and we have to look at how it's affecting the market and what options we have as a city to do something about it."

Garossino said thatif the average median income in Metro Vancouver is $67,500 and the average price of a house in Vancouver stays at around $800,000, then it's locals who will be forced out.

Garossino says other cities facing similar problemshave haveworkable solutions which restrict foreign ownership.

"Singapore has zoning requirements that allow certain areas to be freely available to the international investor and other areas are only available to domestic buyers."

Garossino said she knowsthere are complex and sensitive issuesinvolved. Still, she said,local affordability needs to be addressed.

"This is such a concern to me. Where are families going to raise their children?"

Anton, Robertson weigh in

The two front-running mayoral candidates in Vancouver say they are aware of the problem facing Vancouver residents looking to buy a home.

Gregor Robertson told CBC News Sunday that the city needs to understand the role foreign ownership is playing before takinganysteps to change it.

"I see these next couple years as assessing what the problem is, how significant it is, and what best tools arethat might address it," Robertson said.

Suzanne Anton publicly stated last week that she believes Vancouverites shouldn't have to leave their city to buy a home, butthe problem isn't foreign ownership.

Anton said that the city needs to cut bureaucraticdevelopment costs to encourage anincrease in housing stock, and so thatdevelopers can pass on savings to buyers.

"Market-based solutions to housing supply are the only effective meansof creating real affordability," Anton said.

"Everything else is a gimmick."