Mulroney: Canada must get creative with foreign ownership in Vancouver
Jordan Maxwell
Other
Canada’s former ambassador to China, David Mulroney, has jumped into the debate surrounding foreign ownership in Vancouver’s real estate market and how it affects affordability in his new book, Middle Power, Middle Kingdom. “Mainland Chinese buyers are really driving markets from Sydney through New York to London, and Canadian cities like Vancouver — particularly Vancouver — are no exception,” Mulroney, who served as Canada’s ambassador to China from 2009 to 2012, told The Early Edition’s Rick Cluff. According to the CBC, he said it’s difficult to track the actual number of foreign owners — and their impact on the housing market — but he believes it has been huge force in the lack of affordable housing in Vancouver. “Is it having an impact on price? I know there’s a lively debate in Vancouver about that. I’m on the side of those who think it is having an impact on price, but that debate should continue,” he said. “Really smart policy makers are thinking about ways to deal with this in ways that keep their cities welcoming — and, gosh, we want that above all — but also protect people on fixed incomes or think thoughtfully about vacancies.”
