Assistant Professor Thomas Davidoff was recently interviewed in a Business in Vancouver podcast, where reporters Hayley Woodin and Patrick Blennerhassett led an in-depth analysis of the real estate market in Metro Vancouver.
The panel explored the impact of past efforts to deflate astronomical property prices – such as the foreign buyer tax – and also delved into global trends affecting housing affordability in the region.
Davidoff offered numerous reflections and blunt critiques in the 36-minute clip. He argued that Vancouver enjoys some of the lowest property tax rates, yet offers few opportunities for citizens to make a sustainable living: "What's the message our government is sending to the world? It's that 'come buy our real estate but don't make a living here'. So, if that's the message, you're going to have very expensive house prices, you'll have global demand and it's going to be brutal on the young workforce. And lo and behold, that's what we have."
Davidoff also spoke about the ‘land value’ factor in property prices, implications of new mortgage rules in 2018, as well as the role of municipalities in addressing acute housing needs.
Image credits: flickr.com/Alex Costin