MAE101 : Economic Principles -In Vancouver, A Housing Frenzy That Even Homeowners Want To Reign In - Article Writing Assignment Help

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Article Writing Assignment Help

TASK Question 1 What is the main problem in Vancouver’s property market that the above article is referring to? [Note: To support your answer, be sure to refer to specific facts and points from the article that substantiate the problem you have identified.] Question 2 Using the above article, identify the demand and supply side factors that might be contributing to creating or worsening the problem in Vancouver’s property market. Question 3 (i)The article alludes to two types of buyers of property: “owner-occupiers” (that is, those intending to buy to occupy) and “investors” (that is, those buying for investment purposes including overseas investors). On a diagram, show both types of demand curves and use them to get a market demand curve for property. Briefly explain your work. (ii)What policy measures are being proposed by the recently elected British Columbian government to manage housing demand? Which type of demand will be most affected by this policy, how and what will be its impact on the market demand curve? [Note: you don’t need to do diagrammatic work for this part.] (iii)Using a supply-demand diagram for the property market, show the combined impact of such demand management policies on the property market equilibrium and explain your work. Use your work to also comment on how such policies help towards rectifying the main problem in Vancouver’s property market. [Note: you should draw a fresh diagram for part (iii) and do not consider extreme cases such as perfectly vertical or perfectly horizontal demand and supply curves.] Question 4 How will the elasticity of supply influence the impact of demand management policies (as explored in question 3 (iii)) on the property market? Support your answer using an appropriate supply - demand diagram. [Note: Reproduce/copy your diagram for question 3 (iii) and do further work on it to show how the impact of demand management policies on the property market equilibrium will vary depending on the underlying elasticity of supply. Be sure to briefly explain your work.] Question 5 What impact might the introduction of a tax on empty homes have on the rental market in Vancouver? Illustrate using a supply - demand diagram. Question 6 Discuss whether factors similar to Vancouver have also been at play in the property market of large Australian capital cities like Melbourne or Sydney. Briefly describe two policy options being implemented, recommended or debated in Australia in this context. For each such policy option, state and explain which side of the market (supply or demand) the policy would impact and how. Also predict the policy’s likely impact on property prices. Support your answers by referencing relevant facts and points of view from at least two sources. [Note: This question requires you to do some independent research on issues affecting property markets in Australia and the policy options being discussed in this context. Sources can include items such as news articles, relevant government department webpages and reports published by research institutes among others.]

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