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What happened when Vancouver residents built new homes in their backyards

Summary:
From Sydney to New York to London, it is not uncommon to find renters praying for a collapse in house prices. But when a significant number of homeowners want the same thing, something strange is going on.This was the situation in Vancouver in 2016. The city – buoyed by money flowing in from China - had become the leading global exemplar of the metropolitan housing crisis. In the same year, a tax on foreign buyers was introduced.Since then, the health of the market has weakened severely, as in many other global cities. But the prices are still striking: in Greater Vancouver alone, average residential prices are over ,000,000 in Canadian dollars (6,000 USD), up from close to 0,000 in 2009. These types of issues usually feed into a debate on the supply of housing, which is often put

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From Sydney to New York to London, it is not uncommon to find renters praying for a collapse...

FT Alphaville
FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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