BNN interviewed Thomas Davidoff, a UBC economics professor, on the issues in Vancouver’s rental market.
He said the foreign ownership tax will not necessarily cool the rental market because high prices and low vacancy rates have long been at the core of the issue.
“I’m surprised [rent] hasn’t gone up even more,” he said.
Davidoff noted that trouble in Alberta’s oil industry may have caused more people to stay in Vancouver in the last year, making the rental market more competitive. He also said single-family zoning is “is not really an acceptable public policy” saying the B.C. government should allow more rental apartments to be built.
