CBC News: Liberals and NDP push feds for greater mortgage oversight on B.C. homes

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September 14, 2016 | Justin Mcelroy

Quoted from the article:

With the City of Vancouver announcing a vacant home tax and the B.C. government imposing a foreign buyers tax, could the federal government be next?

The two main provincial parties hope so.  

On Wednesday, each called on the Canadian government to do more to help cool the Lower Mainland’s housing market.

At a news conference this afternoon, NDP MLA David Eby unveiled research showing nine university students had purchased $57.1 million in residential properties in Vancouver, with 70 per cent of that value tied to mortgages from Canadian banks. 

“The question [that] should be asked is: did banks issues mortgages to people who have no apparent source of income?” said Eby. 

Eby said the province should immediately review two years of transactions to see how common mortgages are for home buyers who have no perceived legitimate source of income.

Read the full article: http://www.cbc.ca/news/canada/british-columbia/bc-mortgages-david-eby-norm-coleman-1.3762752