Stricter foreign ownership rules wouldn’t make a big difference to housing prices: UDI

VANCOUVER (NEWS1130) – We often point the finger at foreign owners for the high price of housing here, but one group says stricter rules wouldn’t actually make much of a difference.

The Urban Development Institute has something else in mind.

The key is rezoning neighourhoods of single-family homes to increase the amount of housing, Anne McMullin, the institute’s president.

She says the issue is a lot bigger than foreign ownership, pointing out Vancouver is changing and it simply isn’t realistic to think you’ll have a home with a yard near an urban centre any more.

She claims only about two per cent of condo sales Rennie Marketing Systems has worked on have involved buyers overseas.

McMullin adds community groups need to take accountability and not just turn down new ideas.

Real estate marketer Bob Rennie has said the right action could be something as drastic as rezoning the city for townhomes.

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