Soaring Vancouver home prices spur anger toward foreign buyers

The Globe and Mail reports:

After years of watching Vancouver housing prices climb, driven in part by Chinese investment, Eveline Xia came to a painful realization: Despite having a Master’s degree and solid career prospects, she might never be able to afford a home in the city where she grew up.

That didn’t seem right, and so the 29-year-old grabbed a marking pen, hand lettered a sign listing her credentials, snapped a selfie, and posted it to Twitter under the hashtag #DontHave1million.


The tweet went viral, and hundreds of other young Vancouver residents soon began expressing their own frustrations in tweets about the red hot housing market - and the feverish foreign investment they believe has fueled it.

“Average, hardworking Canadian residents are being forced to compete for housing with the global wealthy,” said Xia, who immigrated to Canada from China as child. “People here are getting angry.”

World-wide central bank liquidity will find somewhere to put the cash.