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Housing Market and the 2008 Financial Crisis

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Housing Market and the 2008 Financial Crisis

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Questions and Answers

What was one of the outcomes of the financial crisis in 2008?

Increased federal control over housing policy

High interest rates

Decreased housing prices

Low interest rates (correct)

Why did the exponential population growth create a need for housing?

Increased government control over housing policy

Decreased housing prices

Lower interest rates

Limited housing supply (correct)

What is the housing bubble primarily caused by?

Government intervention in housing policy

Increase in housing prices at an unattainable rate (correct)

Decrease in demand for property ownership

Low interest rates

What impact did low interest rates and easy accessibility to loans have on property ownership before the crash?

Increased demand for property ownership Signup and view all the answers

Why has British Columbia been noted as one of the most difficult areas in the world to rent and own property?

Shortage of residences and high costs of renting and owning Signup and view all the answers

Which city in British Columbia is considered the most unaffordable place to buy a house in all of Canada?

Vancouver Signup and view all the answers

What is the main goal of BC Builds initiative?

To increase affordable housing quickly Signup and view all the answers

When will the House Flipping Tax be implemented?

January 1st, 2025 Signup and view all the answers

Which group of people are exempt from the Foreign Buyers Ban?

International students and temporary residents Signup and view all the answers

What is the purpose of B.C.'s Short-Term Rental Accommodations Act?

To govern short-term rental platforms like Airbnb Signup and view all the answers

How much of the House Flipping Tax revenue will be allocated back into affordable housing?

$49 million in 2025-2026 fiscal year Signup and view all the answers

Which listings are included in B.C.'s Short-Term Rental Accommodations Act?

Airbnb, VRBO, and Expedia Signup and view all the answers