Everyone knows that there are vacant homes everywhere, but in such a demanding real estate marketing like Vancouver it's hard to imagine homes lying vacant and in disrepair.
Foreign owners were mostly blamed for these homes. Many suspect that they have been purchased and left to gain property value over time part of a real estate investment strategy.
Many have cried out to crack down on this type of investment strategy but as the City of Vancouver is learning quickly, the problem does not lie within their control.
The larger issue is quite complex and involves foreign ownership policies that require provincial or federal action. The City cannot control foreign ownership or investment.
There are at least 10 main reasons why homes sit empty today:
- Development Application
- Property is been sold or rented
- Property is empty for renovations
- Property Flipping
- Domestic Investment Property
- International Investment Property
- Medical Care