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.