By Chris Beach

Northern View

Northern View – Time to be honest about the Canadian urban dream

Jan 11, 2023 | 3:22 PM

The federal government recently announced that it will prohibit foreigners from buying houses in Canada.

Industry experts from across the nation say this will have virtually no effect on the rising cost of housing, as purchases by foreigners make up only a few percent of the entire market.Indeed, New Zealand tried the same policy over the last few years only to find that it had little if no effect.

While house prices are currently declining somewhat, and government policy can tinker around the edges, most people who want to buy their first house in Vancouver or Toronto will still not be able to save the massive down payment to buy a $1.5 or 2 million property.

Vancouver has entered the realm of the Londons, the Manhattans, the LAs, the Tokyos, and the Sydneys of the world. Nobody buys a house in Manhattan anymore. Unless, of course, you are very wealthy.

Downtown patrols to be enhanced

10h ago

Community outreach

Volunteer group handcrafts goods for thousands of babies in need

10h ago

Fire

Smokey Skies? Don't panic it's under control

12h ago

Besides, in places like Vancouver there is little space left to build within reasonable commuting times. And so, people need to accept the reality that they’re going to have to live in a more affordable condo – and there’s nothing wrong with that.

The time and money you save from not having to maintain your house and your yard allows you to do other things, like visiting a beautiful city park or going to a Canucks game.

If you want to live in a house, then you can move to a smaller city where it’s still attainable, like Prince George, or Penticton, or Terrace. And if you’ve already made this move, then you know it’s a simple trade-off: for everything you give up in a larger centre, you gain something back in a smaller community – like neighbors that actually say hello to you and help you out when you need a favour; or driving to all your kid’s activities in ten minutes or less; or gaining access to the wilderness in all directions in a fraction of the time it takes to get through big city traffic.

So for the benefit of most first-time home buyers in Vancouver and Toronto, is it time that politicians at the federal, provincial and municipal level simply started telling the truth: The dream of owning a single-family house with a yard is over. And the sooner they accept this reality the better it will be for government and their constituents.

Editors note: The views expressed in this column do not necessarily represent the views of Pattison Media.