The Vancouver housing market has become overheated in the past few years and is one of the world's least affordable markets. In 2016, the city council approved a one percent tax on non-principal homes which are empty for more than six months a year, in order to increase the city's supply of rental properties. This tax had strong support among the city's residents with almost 90 percent in favor of its introduction. A similar level of support existed for the 15 percent tax on foreign house buyers in the city.
According to a 2016 survey, 65 percent of the respondents believed that investment by foreigners is the biggest reason for high housing prices in Vancouver. The future of the real estate market in Vancouver is unclear, but public opinion remains optimistic and 42 percent of the city's residents hope that prices will fall significantly.