I don't understand why millennials are not protesting this insanity. It took years of protests by Vancouverites to get the foreign buyer tax implemented (remember the I don’t have 1mil movement?) Let's start calling our MPPs/municipal counselors, and start petitions. If we don’t fight hard for our future in this city, no one will.
When hard working professional couples making 150k-200k combined cannot afford a place to raise a family in an average house which cost 1.5m+ now, there’s a serious problem for the future of our city. Sure, the lack of supply and low interest rates are some of the root causes of the problem, but those issues cannot be tackled easily or in a timely manner. IMO, just a few measures will put the brakes on this runaway train of a market.
1) A foreign buyer tax of 15-20%.
2) A ‘flipper’ tax on any property bought and sold within a short period of time.
3) A vacancy tax similar to the one implemented in Vancouver.