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Pastrick maintains such cycles aren’t new, noting there have been constant rises and dips in B.C.’s housing market, with a series of recessions since 1957 in which prices dropped between 10 per cent and 35 per cent.

Pastrick said he couldn’t predict when the next recession will strike, but wouldn’t be surprised if, in the meantime, the provincial government considers other measures to cool the market. This could include requiring higher down payments for first-time homebuyers or a gradual increase in interest and mortgage rates.

“This cycle will come to an end, but affordability will worsen,” he said. “Someone once said ‘they don’t make land anymore.’ We will see more renters than we do today, largely because of the unaffordability.”

High house prices are crushing the young demographic’s dreams in this province

Paul Kershaw, associate professor at UBC’s School of Population and Public Health, said interest rates should be increased. They are helping to fuel the sluggish economy, he said, but the availability of cheap cash is driving up housing prices across B.C.

He and UBC’s Thomas Davidoff have a more controversial suggestion to cool the market: increase taxes for older homeowners — most likely seniors — who have paid off their homes and accumulated wealth in those properties.

The idea concerns North Saanich Mayor Alice Finall, who said many of her residents are already “house poor” and “a higher tax may make it impossible for them to stay in their home.”

Kershaw acknowledged such a tax may be unpopular, but said people over 55 can defer taxes until they sell.