Housing Crisis In Canada

Nowadays Vancouver’s houses are most made by “gold” because of their shocking prices in all Canadians’ eyes. As a result, the housing affordability crisis has become one of the most serious issues which should be taken more controls by local government, instead of allowing such huge amount of foreign buyers purchase houses, because of the numbers of empty houses, the houses prices’ rising speed, and local people’s willingness of purchasing houses. The first reason that government should participate into the housing market is because of a huge amount of empty houses in Vancouver which purchased by foreign buyers, especially the Chinese buyers are viewed as the top buyers for the empty houses. According to the data shown on almost a quarter of condos were empty in Vancouver by the end of March, 2013 (BULA FRANCES, 2013). Also, majority of these condos were owned by foreign investors, instead of the local residents. This data was shocking the housing market during that period, which pointed out that the investors were playing an important role in the housing market. For example, many Chinese are expecting the prices of their empty houses rise up …show more content…
However, due to the prices risen up rapidly so they could not afford the amazing prices and have to give up their dreams.For example, the average salaries that Canadians who work in the province of BC earn annually are estimated around 46,900 dollars by the end of 2014 (HARRIS PETER, 2015), they just wonder how they could afford a few million house in their lives, and that makes their dreams crash eventually. In addition, they blame on the government and the foreign buyers because of pushing up the houses prices, and this might probably force them move out from the city of