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How Canada’s most expensive municipality grew alert to foreign capital

The most expensive municipality in Canada, and possibly North America, was among the first to twig to the dangers of foreign capital surging into the housing market.

Two bold council members in West Vancouver broke the regional political silence and began speaking up more than three years ago about the factors that were causing house prices in their seaside community of 42,000 to shoot into the stratosphere.

In a municipality where the median price of a detached house is now $3.1 million, councillors Mary-Ann Booth and Craig Cameron began finding innovative ways to fight against property speculation, both domestic and foreign, despite being restricted by limited municipal powers.

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