Close X
Saturday, November 23, 2024
ADVT 
National

B.C. Premier Rejects Green Call For Foreign Buyers Ban Days Before Asia Visit

The Canadian Press, 17 Jan, 2018 12:20 PM
    VICTORIA — Premier John Horgan says he has plans to tone down speculation in British Columbia's real estate market but they don't include banning foreign buyers.
     
     
    Horgan said Tuesday he rejects recent calls by Green party Leader Andrew Weaver to implement a New Zealand-style law that restricts the purchase of existing homes to residents of New Zealand and Australia.
     
     
    The government's February budget will include measures to dampen speculation and increase housing supply, but not a prohibition on foreign buyers, he said.
     
     
    "I just don't believe in an open economy that's an appropriate way to proceed," he said at his first news conference of 2018.
     
     
    "I do believe we need to knock back speculation and make sure we are penalizing that behaviour in the interest of reducing demand and softening prices."
     
     
    Horgan said a ban on foreign buyers sends the wrong signals to investors about B.C.'s economy.
     
     
    "B.C.'s the gateway to Canada and I don't believe we should be curbing people from coming here," he said. "I'm a child of an immigrant and virtually everyone I see here is a child of an immigrant."
     
     
     
    Weaver said in a statement the government should act to target overseas speculation, moving towards a full ban.
     
     
    Horgan said he is prepared to face questions about B.C.'s real estate market during his trade visit to China, Korea and Japan, which starts Saturday.
     
     
    "What we know with absolute certainty is money raised in other parts of the world is distorting our housing market and we want to take steps to address that," he said.
     
     
    The former Liberal government introduced a 15-per-cent tax on foreign buyers purchasing real estate in Metro Vancouver in an effort to help more B.C. residents to buy homes.
     
     
    Horgan has also said the budget will include measures to stimulate construction of more rental units and family sized homes.

    MORE National ARTICLES

    No Charges Against Vancouver Cop Whose Police Dog Injured Suspect During Arrest

    VICTORIA — British Columbia's prosecution service has announced no charges will be laid against a Vancouver police officer who deployed his police service dog during the arrest of a suspect.

    No Charges Against Vancouver Cop Whose Police Dog Injured Suspect During Arrest

    Niagara Falls A Winter Wonderland That Draws Tourists During Frigid Weather

    Niagara Falls A Winter Wonderland That Draws Tourists During Frigid Weather
    Diane Zhao has made the journey from China to Niagara Falls three times before, but she has never seen it like this — a veritable ice palace, straight out of a fairy tale.

    Niagara Falls A Winter Wonderland That Draws Tourists During Frigid Weather

    'Sounds More Like North Korea Than Canada,' Says Artist Behind Stalled Subway Art

    'Sounds More Like North Korea Than Canada,' Says Artist Behind Stalled Subway Art
    Two artists behind a controversial art installation commissioned for a newly opened subway station in Toronto say the city's refusal to greenlight the project has ironically achieved what the art was meant to do — spark a debate about free speech.

    'Sounds More Like North Korea Than Canada,' Says Artist Behind Stalled Subway Art

    Police Officer In London, Ont., London, Ont., Apologizes For Wearing Blackface

    Police Officer In London, Ont., London, Ont., Apologizes For Wearing Blackface
    LONDON, Ont. — A police officer in London, Ont., is apologizing for wearing blackface as part of a Halloween costume and will undergo cultural sensitivity training.

    Police Officer In London, Ont., London, Ont., Apologizes For Wearing Blackface

    Women Accusing Theatre Star Albert Schultz Of Sex Assault Speak Out

    Women Accusing Theatre Star Albert Schultz Of Sex Assault Speak Out
    The allegations have not been proven in court. Schultz says he plans to defend himself against the claims and Soulpepper's board of directors says it has instructed him to step down as it conducts an investigation.

    Women Accusing Theatre Star Albert Schultz Of Sex Assault Speak Out

    More Than Two Million Vehicles Sold In Canada For First Time In 2017

    More Than Two Million Vehicles Sold In Canada For First Time In 2017
    DesRosiers Automotive Consultants Inc. said new vehicles sold in 2017 hit a high for a fifth consecutive year.

    More Than Two Million Vehicles Sold In Canada For First Time In 2017