Overseas money ‘obviously playing a role’ in Vancouver’s housing crisis, says PM Trudeau

Vancouver:  Prime Minister Trudeau says “overseas money coming in is obviously playing a role” in Metro Vancouver’s housing crisis.  But it remains unclear what his government will do to cool down the region’s red hot real estate market.  “We know that an awful lot of capital left Asia in the past few years,” Trudeau told CBC Radio host Stephen Quinn on Friday morning in Vancouver. “This reminds me of the challenges around the Hong Kong hand-over.” “We are all hoping to stabilize the market. We are on a trajectory that doesn’t have any good outcomes,” he said. But he said the federal government needs to move cautiously to avoid taking action that could negatively affect other regions. “As the federal government, levers we use here in Vancouver and perhaps Toronto could have negative impacts on housing markets in Calgary or Montreal or Halifax,” he said. That’s why Trudeau says he will sit down with Metro Vancouver politicians and housing experts later this morning for a roundtable discussion on possible solutions. “Getting that balance right is going to be really important,” he said.  Trudeau arrived in Metro Vancouver on Thursday to sign a $900 million transit funding agreement with B.C. — the first such agreement in Canada.

British Columbia Premier Christy Clark speaks about shadow flipping in the real estate industry as Coal Harbour condos tower above her in the distance, in Vancouver, B.C., on Friday March 18, 2016. THE CANADIAN PRESS/Darryl Dyck

Premier Christy Clark also speaks about shadow flipping in the real estate industry.






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