Close X
Wednesday, November 13, 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

    B.C. Changes Tenancy Regulations To Limit Rent Increases To Match Area Rates

    B.C. Changes Tenancy Regulations To Limit Rent Increases To Match Area Rates
    The elimination of the vacate and geographic clauses and limitation on rent increases take effect Monday.

    B.C. Changes Tenancy Regulations To Limit Rent Increases To Match Area Rates

    Canadians Swindled Out Of $1.7M Via Cryptocurrency Scams This Year To Date

    Canadians Swindled Out Of $1.7M Via Cryptocurrency Scams This Year To Date
    TORONTO — Canadians have been swindled out of than $1.7 million via scams involving cryptocurrencies such as bitcoin so far this year — more than double the amount during all of 2016.

    Canadians Swindled Out Of $1.7M Via Cryptocurrency Scams This Year To Date

    'Tis The Season For Doorstep Stealing? Shoppers Vent About Delivery Security

    'Tis The Season For Doorstep Stealing? Shoppers Vent About Delivery Security
    "It's not the first time but it still surprises me when you come home and there's a big package on your doorstep out there for everyone to see

    'Tis The Season For Doorstep Stealing? Shoppers Vent About Delivery Security

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling
    Gurminder Singh Toor, 31, and Kirandeep Kaur Toor, 26, were charged on four counts under the Canadian Controlled Drugs and Substances Act, Canada Broadcasting Corporation (CBC) reported on Friday.

    Canada Charges 2 Indian-Descent Californians With Cocaine Smuggling

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure
    DELTA, B.C. — Poor ventilation at a Delta, B.C., greenhouse is to blame for sending dozens of workers to hospital for carbon monoxide exposure, a fire chief said.

    Poor Ventilation At B.C. Greenhouse Blamed For Carbon Monoxide Exposure

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.
    A young man is dead after a shooting in Langley, B.C., and police say the death may be linked to recent gang violence in Metro Vancouver.

    Police Say Gang Violence Likely Behind Death Of Man, 21, In Langley, B.C.