In July, the real estate market in Canada reported by CBC has finished boom, except for three hot 3 cities, Toronto, Vancouver and Calgary. Here, I would like to talk about Vancouver, the city where we live in. In 2014, another housing price statistical report of international city survey said that the housing price of Vancouver ranks only second to Hong Kong, taking the 2^nd place in the world. However, during recent years, Vancouver has always been the hot area inhabited by Chinese people; probably because of the continuous flowing-in of immigrants from mainland China, large amount of luxury houses are bought, which leads to the surge of housing price in Vancouver. Also, as Vancouver has been rated as a city which is most suitable for living for many years in a row and is also a large immigrant city with millions of inhabitants, there is large demand on houses; the housing price of the whole BC province is far higher than that of other provinces, and in some parts, the housing price is the double of cities with the same scale. Without solid capital and income, it is very difficult to buy a house in Vancouver.

The way Vancouver increases the price of a house may result in a failure in response to sustainable development because it destroys the normal orderly flow of real estate. Additionally, it doesn’t help in shrinking the gap between the rich and the poor then create community disharmony.

Reference:

1. <Demographia’s 10th annual survey of 360 housing markets in nine Western countries> http://www.cbc.ca/news/canada/british-columbia/vancouver-s-housing-2nd-least-affordable-in-world-1.2505524
2. http://www.thestar.com/business/2014/10/10/canadian_housing_boom_is_over_except_in_hot_3_cities.html#