Close X
Monday, November 11, 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

    BC Government To Go Ahead With Site C Hydroelectric Dam Project

    The Site C hydroelectric dam will be completed with the backing of British Columbia's NDP government, but it is warning the price tag will be higher than estimated.

    BC Government To Go Ahead With Site C Hydroelectric Dam Project

    New Host Of CBC Vancouver Morning Show STEPHEN QUINN Set To Start 'Dream Job' On Jan. 2

    New Host Of CBC Vancouver Morning Show STEPHEN QUINN Set To Start 'Dream Job' On Jan. 2
      The station has announced Stephen Quinn will become the new host of The Early Edition starting Jan. 2.

    New Host Of CBC Vancouver Morning Show STEPHEN QUINN Set To Start 'Dream Job' On Jan. 2

    B.C. Coroner Says Fentanyl Detected In Most Of 1,208 Deaths Up To October

    B.C. Coroner Says Fentanyl Detected In Most Of 1,208 Deaths Up To October
    The BC Coroners Service says the latest figure compares with 683 deaths during the same period last year.

    B.C. Coroner Says Fentanyl Detected In Most Of 1,208 Deaths Up To October

    B.C. Man Charged With Animal Cruelty After Dog Nearly Dies Of Fleas

    B.C. Man Charged With Animal Cruelty After Dog Nearly Dies Of Fleas
    VANCOUVER — An advocacy group says an animal cruelty charge has been laid against a British Columbia man after a dog nearly died of a serious flea infestation.

    B.C. Man Charged With Animal Cruelty After Dog Nearly Dies Of Fleas

    Teachers Wanted: B.C. At 'Crisis' Point In Effort To Fill Jobs, Jobs, Jobs

    Teachers Wanted: B.C. At 'Crisis' Point In Effort To Fill Jobs, Jobs, Jobs
    B.C. Teachers Federation president Glen Hansman said students requiring one-on-one attention or support in small groups from special education teachers are shouldering the burden of staffing issues.

    Teachers Wanted: B.C. At 'Crisis' Point In Effort To Fill Jobs, Jobs, Jobs

    Delta, B.C. Farm Company Investigating Carbon Monoxide Exposure That Affected 43 Workers

    Delta, B.C. Farm Company Investigating Carbon Monoxide Exposure That Affected 43 Workers
    Windset Farms says workers were using gas-powered pressure washers in a greenhouse on Saturday when an employee reported feeling unwell.

    Delta, B.C. Farm Company Investigating Carbon Monoxide Exposure That Affected 43 Workers