▁compared ▁with ▁the ▁Canadian ▁average ▁of ▁$ 3 6 5 , 1 4 1 . ▁A ▁factor ▁explaining ▁the ▁high ▁property ▁prices ▁may ▁be ▁policies ▁by ▁the ▁Canadian ▁government ▁which ▁permit ▁snow ▁was hing , ▁which ▁allows ▁foreign ers ▁to ▁buy ▁property ▁in ▁Canada ▁while ▁shield ing ▁their ▁ident ities ▁from ▁tax ▁authorities , ▁making ▁real ▁estate ▁transactions ▁an ▁effective ▁way ▁to ▁conduct ▁money ▁la und ering . ▁ ▁Since ▁the ▁ 1 9 9 0 s , ▁development ▁of ▁high - r ise ▁cond omin ia ▁in ▁the ▁dow nt own ▁pen ins ula ▁has ▁been ▁fin anced , ▁in ▁part , ▁by ▁an ▁in flow ▁of ▁capital ▁from ▁Hong ▁Kong ▁imm igr ants ▁due ▁to ▁the ▁former ▁col ony ' s ▁ 1 9 9 7 ▁hand over ▁to ▁China . ▁Such ▁development ▁has ▁cluster ed ▁in ▁the ▁Y alet own ▁and ▁Co al ▁Har bour ▁districts ▁and ▁around ▁many ▁of ▁the ▁Sky Tra in ▁stations ▁to ▁the ▁east ▁of ▁the ▁dow nt own . ▁The ▁city ' s ▁selection ▁to ▁co - host ▁the ▁ 2 0 1 0 ▁Winter ▁Olympics ▁was ▁also ▁a ▁major ▁influence ▁on ▁economic ▁development . ▁Conc ern ▁was ▁expressed ▁that ▁V ancouver ' s ▁increasing ▁hom eless ness ▁problem ▁would ▁be ▁ex ac erb ated ▁by ▁the ▁Olympics ▁because ▁own ers ▁of ▁single ▁room ▁occup ancy ▁hot els , ▁which ▁house ▁many ▁of ▁the ▁city ' s ▁lowest ▁income ▁residents , ▁converted ▁their ▁properties ▁to ▁attract ▁higher ▁income ▁residents ▁and ▁tour ists . ▁Another ▁significant