3 ms·
I agree wholeheartedly with the rest of your comment but I don't think this qualifies as "gentrification": "the process of renewal and rebuilding accompanying
by mthoms 11y ago
I agree wholeheartedly with the rest of your comment but I don't think this qualifies as "gentrification":
"the process of renewal and rebuilding accompanying the influx of middle-class or affluent people into deteriorating areas that often displaces poorer residents." (Merriam-Webster)
There's no particular area in Vancouver that fits this description with regards to foreign buyers. They seem to have interest almost exclusively in established areas. Not so much "deteriorating" ones in need of "renewal and rebuilding".
- beachstartup 11y agoi used the implication for dramatic and rhetorical effect, but i didn't call it gentrification either. ;) i agree that it isn't, since for the most part the new owners don't even live there and the previous owners were (basically) rich to begin with. it's basically just monopoly money being swapped around by rich people on two sides of the same ocean.