Vancouver mayor calls on province and feds to rein in ‘excesses’ of housing market


Vancouver Mayor Gregor Robertson urged the provincial and federal governments on Sunday to heed warnings from the financial sector to cool Metro’s red-hot housing market.  In a written statement, Robertson said clear measures are needed to “rein in the excesses of the city’s housing market.” The Bank of Nova Scotia and the National Bank of Canada recently said the federal government should take more steps to intervene to stop the rapid rise in housing prices in Vancouver and Toronto. That rapid rise has been blamed on factors such as low interest rates, a tight housing supply, a low Canadian dollar and foreign investment, particularly from mainland China.