How high can property prices go?

A weekly roundup of news and views on property development, sales, affordability and more

There’s no end in sight to rising Vancouver property prices, says an economist. Global investment management firm PIMCO’s head of Canadian portfolio management says the influx of foreign cash could transform Vancouver the same way it shaped the British capital. Twenty years ago he thought London prices were lofty and probably unsustainable. Now he thinks it’s the same situation here. (BNN)

How hard is it to buy property in Vancouver? Some would-be buyers are frustrated that developers offer new condos to VIP buyers first. “We keep hearing that the Vancouver housing crisis is about [a lack of] supply, but even if there was more supply, how possible is it for the average Vancouver buyer to get their hands on these units when they are mostly pre-sold?” (Vancouver Sun)

Victoria wants in. Now that Vancouver is moving ahead with a tax on empty homes, Victoria wants the provincial government to give municipalities across the province the right to tax vacant properties. (Times Colonist)

Follow the money—the CRA is looking into Vancouver’s housing market and people who seem to be living beyond their means. It may not cool the housing market but could send a chill through anyone laundering money, flipping property or falsely claiming the principal residence tax exemption. (Globe and Mail)

It’s not all bad. Canada, the U.K., Australia and the U.S. are taking real estate transparency to a new level, according to a report from global real estate management firm JLL. In the wake of the Panama Papers, the world is looking to these countries to take the lead in tightening beneficial ownership disclosure and anti-money-laundering procedures, it says. Higher real estate transparency is associated with stronger investor and corporate real estate activity. (Global Real Estate Transparency Index)