Tinkering with housing market could be dangerous to economy

When Premier Christy Clark threw cold water on Vancouver Mayor Gregor Robertson’s call for measures targeting foreign homebuyers to cool the housing market — steps that have been taken in Australia, the U.K. and Singapore — she said such interference would have little effect on housing prices.

More importantly, it had the potential to harm the economy, according to the premier.

If the province drastically reduced foreign investment, it would have little impact on general housing prices, but would cause the loss of about $1 billion in residential real estate sales and 3,800 jobs in construction and real estate sectors.