The issue is not who is buying as much as why is the government not simply increasing the supply to match the demand. Why? Because then it would affect real estate value and those invested in real estate only want to see their invest increase in value. That said, those invested have done a bagger of a job making people think it is immigrants causing the issue. It is not. It is the lack of supply and there is no relief coming as that would mean prices work fall and big money controls the government not the voters.
BC, Vancouver’s province, has legislated the end of single family zoning as of summer this year. Vancouver specifically is allowing up to, if I recall correctly, 6 units per lot. BC is also giving a forgivable loan to homeowners to build additional units/housing on their lots.
I think it’s a positive step, and aggressive as far as housing policy goes. The local governments are scrambling around infrastructure, transit, and parking issues.
Maybe if they’d started addressing it 10 years ago though it wouldn’t be such a scramble.
Ban corporate ownership of single family home and plexes. If they want to rent something out, they can buy/build appartment complexes. If a corporation is found to dodge the ban through a citizen proxy, crackdown hard. After multiple infractions, seize the home.
Change zoning laws to allow denser housing.
Crackdown hard on short term rental.
Build more public housing. Simple, clean and basic housing.