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Government is a major contributor to higher Metro house prices

By Kirk LaPointe for Business in Vancouver

If we are serious about slowing the hyperactive escalator lifting our housing prices to higher and higher levels, then we have to push the emergency button and explore what part is malfunctioning.

It is not a deflection to start with our own governments’ responsibilities. It is the best place to start, for good reason.

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While we may not be able to much influence a market – particularly one so swayed by global capital, obliged by material and labour costs and affected by the anxious emotions of buyers and sellers – we can determine what governments charge, how long they delay and what impact they have on housing affordability.

Recent studies have some disquieting news. The escalator speed is owed in no small measure to the government revenue-grab.

Continue reading the full story here >>

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