Would it be as big a problem if people had a strong incentive to rent their property? I know most people like owning property, but renting often makes more economic sense. Especially when the cost to rent is significantly below a monthly mortgage.
As a city, Vancouver has the ability to vote for significant property tax increases. Which would encourage investors and speculators to rent out more of their (currently empty) property in order to offset the yearly cost of ownership. Right now, it probably is more expensive to sell property that currently has renters living in it, because evicting people is a messy, expensive and difficult process. But higher property taxes make it more expensive to own: a tax of 3% per year completely eats up a 3% yearly increase in property value. Unless you offset the tax through other income.
As a city, Vancouver has the ability to vote for significant property tax increases. Which would encourage investors and speculators to rent out more of their (currently empty) property in order to offset the yearly cost of ownership. Right now, it probably is more expensive to sell property that currently has renters living in it, because evicting people is a messy, expensive and difficult process. But higher property taxes make it more expensive to own: a tax of 3% per year completely eats up a 3% yearly increase in property value. Unless you offset the tax through other income.