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

    Richmond RCMP Looking For Witnesses To Pedestrian Accident

    Richmond RCMP Looking For Witnesses To Pedestrian Accident
    The driver, a 53 year old male from Richmond, remained on scene and is cooperating with police.

    Richmond RCMP Looking For Witnesses To Pedestrian Accident

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries
    An 86-year-old Vancouver man has died as the result of an assault on December 20, that happened just outside of the Costco in downtown Vancouver.

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey
    A leading Canadian telecom company with over 9 million subscribers across Canada is inviting you to become an authorized dealer in the Surrey area. 

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey
    A leading Canadian telecom company with over 9 million subscribers across Canada is inviting you to become an authorized dealer in the Surrey area. 

    Leading Canadian Wireless Telecom Company Invites Applications For Authorized Dealerships In Surrey

    Political Leaders Set Tone For Party On Sexual Misconduct: Jagmeet Singh

    Political Leaders Set Tone For Party On Sexual Misconduct: Jagmeet Singh
    NDP Leader Jagmeet Singh says he has personally discussed the issue of sexual misconduct with his caucus, and that his party has a zero-tolerance policy for such behaviour.

    Political Leaders Set Tone For Party On Sexual Misconduct: Jagmeet Singh

    B.C. Man Returned To The Living As Feds Correct Botched Death Certificate

    B.C. Man Returned To The Living As Feds Correct Botched Death Certificate
    KAMLOOPS, B.C. — A British Columbia man is back among the living after twice being declared dead by the federal government in a bureaucratic mix-up that began when his social insurance number was incorrectly placed on his mother's death certificate.

    B.C. Man Returned To The Living As Feds Correct Botched Death Certificate