Close X
Sunday, November 24, 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

    Man Charged In Surrey/Delta Border Shooting That Injured One

    Man Charged In Surrey/Delta Border Shooting That Injured One
    One man is now charged with several offences after Surrey RCMP investigated a shooting in the Royal Heights area of the Surrey/Delta border on November 23, 2017 that resulted in one male being injured.

    Man Charged In Surrey/Delta Border Shooting That Injured One

    Abbotsford Police Arrest High-level Drug Traffickers, Seize 'Significant' Amount Of Drugs

    Abbotsford Police Arrest High-level Drug Traffickers, Seize 'Significant' Amount Of Drugs
    ‘The Presence Of Fentanyl Is A Clear Indication That Drug Dealers Have No Regard For Human Life’

    Abbotsford Police Arrest High-level Drug Traffickers, Seize 'Significant' Amount Of Drugs

    Indian Killed By Compatriot In Dubai After Argument Over Cooking

    Indian Killed By Compatriot In Dubai After Argument Over Cooking
    An Indian worker has allegedly killed his compatriot here at a labour camp after they fought each other following an argument about who will cook first in the kitchen, media reports said on Thursday.

    Indian Killed By Compatriot In Dubai After Argument Over Cooking

    Indian Jails Overcrowded With Poor Hygiene: Vijay Mallya's Defence

    Indian Jails Overcrowded With Poor Hygiene: Vijay Mallya's Defence
    Mallya's barrister, Clare Montgomery, deposed Dr Alan Mitchell before the Westminster Magistrates' Court in London where the liquor baron is facing an extradition trial.

    Indian Jails Overcrowded With Poor Hygiene: Vijay Mallya's Defence

    B.C. Housing Costs Mean More Seniors Could End Up In Residential Care: Advocate

    B.C. Housing Costs Mean More Seniors Could End Up In Residential Care: Advocate
    VICTORIA — The advocate for seniors in British Columbia says costs for both renters and homeowners are going up while home and community supports are failing to meet demands.

    B.C. Housing Costs Mean More Seniors Could End Up In Residential Care: Advocate

    Man Who Pledged $7.5 M To Hockey Team Charged With Fraud Over Cheques To Restaurant

    Man Who Pledged $7.5 M To Hockey Team Charged With Fraud Over Cheques To Restaurant
    VANCOUVER — A man who promised $7.5 million to a junior hockey team in British Columbia has been charged with forgery and fraud after a restaurant owner complained to police about an unpaid bill.

    Man Who Pledged $7.5 M To Hockey Team Charged With Fraud Over Cheques To Restaurant