Quote:
Originally Posted by FlamesAddiction
Foreign investment is good when they invest in business, development and pay taxes. Not when it is used as a funnel to move capital out of the country and artificially raises the cost of living for people that have to live here.
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The economic boom in BC right now is essentially based on this real estate bubble. Foreign investment is fueling the real estate development, consulting, and construction sectors in the lower mainland at the moment. Presumably these people are paying property taxes, real estate transfer taxes, and corporate income tax if they choose to rent their property.
This isn't necessarily a bad thing. Perhaps it's just the new reality that Vancouver will be an ultra expensive property market akin to London or Sydney. Rental rates remain affordable and people may be forced to rent and put their savings into equities rather than real estate, which is a better strategy in my opinion.