B.C. Government Refusing To Ban Foreign Homebuyers

The ban would be a chance to address the severe housing affordability crisis, but once again those in power put the needs of citizens last.

B.C. Premier John Horgan won’t ban foreign homebuyers.

Despite calls from many people – including the leader of his governing partner in the Green Party – to ban non-residents from buying property in the province, Horgan is refusing to take that step.

Said Horgan, “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.”

The fact that even an NDP leader (the party that claims to support working class people) is bowing to the wishes of foreign speculators, just goes to show how broken and corrupted the political system has become.

Vancouver is the most unaffordable city in North America, in large part because people who don’t even live in Canada are buying tons of property and driving up prices.

Banning foreign homebuyers should be a common sense move, and New Zealand has already done so. Yet the B.C. government is refusing to take that logical step.

A government that serves the interests of non-residents, while many areas of B.C. become unaffordable for the people who actually live in the province, is a government that is failing miserably in its most basic task of serving the interests of citizens.

Spencer Fernando

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6 comments Add yours
  1. Who said: Absolute power corrupts absolutely. I think all our politicians get way too much power and money from our population that is mostly getting poorer, except those people taking and selfishly controlling us, We desperately need strong fair laws right across the country that protect all of us equally and that keep those who get elected honest, or they are in prison.

  2. Both the Federal and provincial LIBERALS seem to be influenced by Communist China. Note the emphasis on LIBERALS. This control has polluted the Government swamps so badly that even a change in Government has had no effect.

    Self entitled elitist Bureaucracy in this country is setting Canada up for a massive fall. Canada has a “Deep State” just like the US. We have our own swamp. Will it take physical violence to start cleansing when names are exposed?

    1. We don’t have a “deep state” here in Canada, the people who run this Country are quite in the open about it.

      After every Federal election,on page five of every Paper in Canada is an innocuous little article about two paragraphs long that tells us the new PM is flying in to the Irving Lodge in New Brunswick,where he will meet with Canada’s billionaire elite and their representatives. This is our “deep state” and it is completely out in the open.

      We are too small a Country to have a mysterious group controlling us from behind the scenes, it’s right there in front of our faces, but no one seems to mind.

      The Americans are far more diverse than we, with factions on both sides of the political spectrum vying for control,but here in Little Canader, it’s just one big happy club, running the Country for their benefit.

  3. Foreign nationals buying up significant amounts of real estate, in places like Vancouver and Montreal is becoming a problem for a few reasons, and the political complacency is somewhat driven by the amount of cash and new construction that stimulates those micro economies. However the downsides are many. To name a couple:
    It has driven up values such that many Canadians can no longer access the market, particularly the working class who work in these center are forced to live hour away from their work.
    The most significant long term problem with I see with allowing too much concentrated ownership by one particular foreign interest, such as China and in particular their gov’t owned entities (Recent AECOM acquisition by Chinese gov’t ) is control, or creeping lack there of. As their vested interest in strategic assets increase in a particular country over an extended time period, they tend to want more political control, to protect their assets, particularly from expropriation or nationalizing; and if it’s not forthcoming military intervention is on the table…. This can be seen historically time and time again as invested countries, such as our American friends who’ve supported friendly dictators or started wars to protect their foreign assets. Iraq comes to mind. As China quickly becomes a word super power and constantly increases it’s ownership of our assets; Canada needs to wake up.

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