Hollowing out Vancouver

Don’t Blame Chinese For House Prices, Andrew Coyne, Jan. 21. Andrew Coyne’s column on whether Chinese money has influenced the Vancouver housing market requires some historical perspective. Both my uncles lived in very modest homes in the uppermiddle- class neighbourhood of Kerrisdale. In early 1980s, their houses were worth somewhere between $ 130,000 and $ 150,000. In 1985, within months of each other, both were offered between $400,000 and $ 450,000 for their houses by Chinese investors, one of whom paid cash. My uncles were able to put $ 250,000 in their bank accounts after purchasing homes elsewhere in the city, because most homes then were still in $ 100,000 to $ 200,000 range. But real estate agents aren’t stupid and they weren’t going to list a house in Kerrisdale for anything less than what other houses had sold for. These people have overpaid for properties from the beginning and they’ve either knocked down perfectly good homes and built oversized houses in their place, or let these houses sit unoccupied for months, if not years. Vancouver developers and city council have rolled over for Chinese money and this city is being hollowed out: entire neighbourhoods are being transformed and condos are being squeezed into every last space. Vancouver is now a place where even high net worth individuals can’t afford to live.

Joe Hoar, Delta, B. C.