While British Columbians continue to grapple with concerns over foreign home buyers, local developers say the real issue is a lack of supply in the housing market. Vancouver Real Estate marketer Bob Rennie says there's a need for real solutions, not political or race relation solutions. government has brought in a 15 per cent tax on foreign nationals purchasing properties in Metro Vancouver, but John Stovell with the Urban Development Institute says the move distracts from the low supply of housing. "To cool demand, it's increasing supply because right now people don't have a lot to choose from especially in the city of Vancouver," said Rennie. "We're trying to maintain that public oversight that protects the quality of the [housing] stock going forward," said Meggs.

Source: CBC News July 29, 2016 03:22 UTC