Vancouver homes are so pricey that government will pitch in

Several UBC experts spoke to various media outlets after the B.C. government unveiled a program to offer five-year interest-free and payment-free loans to first-time homebuyers.

Bloomberg interviewed Thomas Davidoff, a professor at the UBC Sauder School of Business. He said the benefits of the plan could end up going to the sellers, and subsidies are not the solution to affordability in a market like Vancouver with low supply.

Tsur Somerville, also a UBC Sauder School of Business professor, spoke to the Canadian Press on the same topic. He said the program could lead to higher home prices if demand increases but the supply of properties stays low.

Joshua Gottlieb, an economics professor at UBC, spoke to CKNW and called the plan a “superficial remedy.”

Similar stories appeared on MSNCTV, Maclean’s Vancouver Sun, Ottawa CitizenMontreal GazetteCalgary HeraldGlobalMetro News24 Hours VancouverCanadian Real Estate Magazine, and Roundhouse Radio.